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Amperage kills.
Much like water in a pipe, voltage is the volume of electricity, amperage is the pressure it is supplied at.
I wouldn't lose a whole bunch of sleep over this wire. A circuit breaker is installed to protect the wiring, not the person at the other end. Too much amperage will over heat the wiring causing a potential fire hazard. So it doesn't really surprise me that there is no breaker installed. Obviously, this wire isn't connected to transmission lines or it would have fried itself as soon as it was connected. Of course I'm assuming it is romex as you descibe.
That being said, it doesn't seem like they would be very successful in powering whatever they are trying to power for very long.
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