It's a hell of a theory Morsul but one thing I don't get is where you said Sauron had a disregard for the Ring. I was under the impression that he was seeking it pretty desperately and had been since he had discovered that it had been found.
Also, if the invisibility property of the Ring is merely a placebo effect are you then saying that the Ring had no powers? That there was no need for Sauron to get it back as it did not contain remnants of his former strength?
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