Uhm, have you all read this:
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According to Letter #131, the Seven and Nine conferred invisibility to the user as well as unending life. Also, the ability to make the wearer invisible seems to be a controllable power - not always "activated", but rather selectable when the wearer desires to be invisible. However, eventually the user would fade and become a wraith under the control of Sauron, the Dark Lord. The Three Elven Rings did not confer invisibility, because this is a power from Sauron, and Sauron did not have a part in the creation of the Three Elven Rings, nor did he ever touch them.
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So we can conclude that a dwarf would have unending life with his ring and that he could be invisible at will?
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"they ill endure the domination of others, and the thoughts of their hearts are hard to fathom, nor can they be turned to shadows. They used their rings only for the getting of wealth; but wrath and an overmastering greed of gold were kindled in their hearts..." [7]
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From this I conclude that they couldn't be dominated by Sauron through their rings, and that they couldn't be turned to shadows. The rings *did* confer invisibility and unending life since it says so.
Elentári: I agree with your statement concerning Bilbo and the "butter". Still Bilbo was to be considered a "Man", and thus he would in time be turned to a shadow. I'm only concerned with what happened to a dwarf. Gollums extension of *his* life, did give him alot of cunning and wisdom far beyond what others had in certain areas, hide, stealth, climb and whatever.. so I don't agree with your last statement.
Lord of Angmar: One of my "negative effects"
does include that
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Wrath and an overmastering greed.
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And quite possibly Dwarves were immune to that aspect of the Rings' powers,
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I would agree if it weren't for the letter above, since it says that the "..Seven and Nine conferred invisibility to the user as well as unending life.." this must apply to dwarves also..