Subject: Ah, well.
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Posted on: 2014-01-31 21:15:00 UTC
"But I have so little of any of these things! You are wise and powerful. Will you not take the Ring?"
"No!" cried Gandalf, springing to his feet. "With that power I should have power too great and terrible. And over me the Ring would gain a power still greater and more deadly." His eyes flashed and his face was lit by a fire within. "Do not tempt me! For I do not wish to become like the Dark Lord himself. Yet the way of the Ring to my heart is by pity, pity for weakness and the desire of strength to do good. Do not tempt me! I dare not take it, not even to keep it safe, unused. The wish to wield it would be too great for my strength. I shall have such need of it. Great perils lie before me."
It's rather more abrupt in the film; I'd forgotten the original. Still, Gandalf thought its strength would allow him to do some kind of good.
As to what the Ring - or rather, the Rings - do... this will need a Netilardo post, I think, but just off the top of my head:
There are three 'kinds' of Ring. The Seven and the Nine were made pretty much identically, by Sauron and the Eldar. The Three were made solely by the Eldar, and the One by Sauron alone. Still, they seem to share some attributes:
-The Sixteen and the One can shift Men (and the related Hobbits) into the spirit world, along with their clothes. We don't know what effect they have on Elves, though they do not turn dwarves invisible. Nor do we know whether the Three can turn anyone invisible, though we can say for sure they can't do it to elves. We do know that none of them can make a Maia invisible - since both Sauron with the One, and Gandalf with Narya, were visible.
-All the Rings had the power to halt decay. In the case of the Three, this was applied to whatever the bearer chose - Gandalf used Narya on all of Middle-earth, Galadriel and Nenya sustained Lorien. In the Sixteen and the One, at least as worn by Men (and Hobbits), it led to unnatural extension of life - and, at least with the Nine, becoming eventually a wraith. (Gandalf says the One would do the same thing, but no-one has ever tested the idea)
-When borne by a dwarf, the Sixteen had the power to accumulate gold to a horde, somehow. They didn't grant extended life, since the Ring of Thror was passed down through the line of kings over thousands of years, from Durin III.
-"Those who used the Nine Rings became mighty in their day, kings, sorcerers, and warriors of old. They obtained glory and great wealth..." That suggests that building wealth was an intrinsic property of the Sixteen - and maybe of the One, too: look how rich Bilbo became during his first few months as Ringbearer. But, of course, they need gold to accumulate gold.
-The quote above suggests that the Rings could also be used to enact 'sorcery' - though what exactly that means in Middle-earth is unclear. And this is the crux of the matter - aside from domination of the other Rings (which would require great strength of will; Gandalf could have done it, and turned the Nazgul against Sauron), and the paltry trick of invisibility - oh, and the money - the power of the Rings lay in sorcery. Find a description of a non-Maia, non-Elf using magic, and you'll have a guess as to what the One could do if wielded properly.
hS
-The One is described to 'govern' and 'rule' the other Rings, even the Three which Sauron had no part in making - because, presumably, they all used his craft.