It may also void your warranty due to the added leverage on your headtube, and in an extreme case will crack the welds joining your headtube and downtube. I'd ask the manufacturer if they're ok with it first just to be safe.
Generally an increase in fork travel by 20-25mm won't have an adverse impact on a bike and in many cases it can help, depending on the original geometry. 50mm is pushing it though.
What bike are you on?
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