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I'm of the all of the above school. The ring gets strong as one gets closer to Mt. Doom. The ring bearer learns to use it more with experience. The power to sense the wraith world might only activate in the presence of beings of the wraith world. The more one uses the ring, or the more times one is stabbed by a morgue knife, the closer one is to fading, and the closer one is to the wraith world.
And the Professor was making it up as he went along. I think many of his fans are much more concerned about consistency than he was. He did pretty darn well, but his is a messy world.
In this case, unless someone knows of a letter where he addressed the point, I don't know that we can say what factor was more important than what others.
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