This stuff can KILL your key, and it could kill YOU. When these bling rings are installed around the ignition lock they interfere with the chip inside the key and how it talks to the car. The result is your car wont start until the bling ring is removed. (there is a warning on some packaging )
If you install it in the center of your steering wheel, and you are involved in an accident where the airbag goes off, it could be projected at a high velocity into your body. I imagine it would be like getting shot in the chest with a shotgun.