will this wiring cause a fire?

See photos. Does this scenario pose a fire risk?

http://imgur.com/a/Utx38
http://imgur.com/a/yFHkZ

Background:

Hi everyone, I'm a beginner DIYer and don't know jack about anything electrical. So forgive me for being stupid in this area...

I saw a ceiling fan on good discount and went down the rabbit hole. Realized I also had to buy a safety brace and ladder to complete the project. Doh! Ripped off the old light and the old electrical box, which had been nailed in and required a bit of work to remove.

I abandoned the project when I realized that there was insulation above the electrical box. I could not secure the safety brace without damaging the insulation plastic. And crawling up into the attic to re-jig the insulation is out of my comfort zone... it looks like Mars up there and I fear a mis-step will send me crashing through the ceiling drywall!

Gonna cut my losses here and just cover the hole. Barely used the light anyway. My question:

Here are a couple of photos (different angles) of what I will be covering up with a decorative plate. Black wire and white wire with about 1/2 inch of stripped wire at the end, covered by marret connectors. Bare copper ground wire screwed to electrical box.

Everything's covered in black anti-oxidant paste... my fault after spreading it everywhere. (Why was it there in the first place?)

Thanks a million everyone!!!