Taken from a forum.
"The risks lie in you shorting the wrong pins or overtaxing the PSU. If you hotwire it on like this, there's nothing but the built-in safeguards protecting the system from overvoltage and overcurrent. Those are more often than not too slow to react so if you intentionally overstress the PSU, it'll fry and gladly take your GPU with it. You know, if it was plugged into a PC instead, the PC would keep tabs on the voltages and shut down if they go over. So yeah. It's safe, if you do it safely."
Plugging a very low quality 30 dollars PSU externally for that GPU was a mistake. 16amp 12V rail is horrible. It was overtaxed in those days and couldn't keep up. Probably died and took the GPU with it.
Always use good quality PSU. It doesn't have to be a high wattage PSU for a GPU but it does have to be a good one because your system cannot regulate the power of your GPU and protect it from anything from that external PSU.