Yes. While the deceit of the ring was to offer imaginations of supreme power, it did in fact, absolutely, one hundred percent, confer real power upon its wielder - just not supreme power, which not even Sauron possessed. The other answer is incorrect. There are examples of the Ring's powers - chiefly the domination of other wills, but also the understanding ...
Bilbo DID become addicted to the Ring - when it came time to part with it, he had a full on freakout:
‘Everything?’ said Gandalf. ‘The ring as well? You agreed to that, you remember.’
‘Well, er, yes, I suppose so,’ stammered Bilbo.
‘Where is it?’
‘In an envelope, if you must know,’ said Bilbo impatiently. ‘There on
the mantelpiece. Well, no! Here it is in ...
I think this is the key factor:
The only power over them that the Rings wielded was to inflame their hearts with a greed of gold and precious things
(Source as above)
As we all know, there is nothing more "precious" than the One Ring. So a dwarf would be likely to keep the One Ring for himself, and attempt to use its power to gain more gold and wealth.
Elrond says so in the council:
“But Gandalf has revealed to us that we cannot destroy it by any craft
that we here possess,” said Elrond. “And they who dwell beyond the Sea
would not receive it: for good or ill it belongs to Middle-earth; it
is for us who still dwell here to deal with it.” -FotR, Book 2, Ch.2.
Basically, since Sauron made it in ...
I think it's fair to say that when Frodo put on the ring in the novel, Sauron was (in order of events);
Panicked (what the hell!?)
Scared that the Ring is in such a vulnerable position (indicating that he knows that it's somewhere that it can be destroyed)
Angry (at instantly realising that everything his enemies have been up to has been an elaborate ruse)
Gimli is only saying poetically that he prefers Galadriel to Arwen. Arwen is never referred to as "the Morningstar". You may be confused by the dialogue between Gimli and Éomer:
‘But first I will plead this excuse,’ said Éomer. ‘Had I seen [Galadriel] in other company, I would have said all that you could wish. But now I will put Queen ...
There actually is an in-universe answer. This answer to why Sauron doesn't become 'invisible' himself gives it to us.
The Ring made its wearer invisible by shifting them mostly into the Unseen world. Gandalf told Frodo:
You were in gravest peril while you wore the Ring, for then you were half in the wraith-world yourself.
The ring doesn't just make the ...
Tolkien had not decided on the significance of the ring that Bilbo found when he wrote the Hobbit. Indeed in the first edition of the book Gollum wagers the ring as his stake in the game against Bilbo.
So the out-of-universe reason for why the ring of power grants invisibility is that when it was found it solved the need for the protagonist to get the ...
In the foreword to Lord of the Rings, Tolkien observes:
Saruman, failing to get possession of the Ring, would in the confusion and treacheries of the time have found in Mordor the missing links in his own researches into Ring-lore, and before long he would have made a Great Ring of his own with which to challenge the self-styled Ruler of Middle-...
Bilbo wore the ring for substantially less time than Smeagol/Gollum (who was estimated to have been a ring bearer for nearly 600 years) but even limited exposure to its presence caused his behaviour to become erratic. He was incredibly reluctant to part with the ring, periodically wore it (despite dire warnings from Gandalf) and on one occasion, he flew into ...
The One ring slowly gets into people's minds.
I'm pretty sure Boromir was full of good intentions during the council of Elrond, but day by day, he became obsessed with the ring and then tried to take it by force.
Balrogs were Maiar, of which Sauron (and Gandalf) were also both examples. We do know that Gandalf, with the limitations imposed on him in his "mortal" form, could have defeated Sauron with the Ring (from Letter 246):
"It would be a delicate balance. ... If Gandalf proved the victor, the result would have been for Sauron the same as the destruction of ...
It wanted to stay hidden until the proper time
Most of this is synthesis on my part, as there are no detailed writings concerning the Ring's intentions.
If the Ring is a mostly dumb object, the answer could be that it didn't plan ahead: "I am on Isildur's finger, Isildur is not my master, therefore I must slip". It could also have been a random ...
Gollum was claiming an almost dormant ring, plus he was not claiming the One Ring, he was just claiming possession of a gold ring that turned you invisible. It was coincidental that it was the One Ring - it was not that which caused Gollum to claim it. Gollum was not claiming it against Sauron, but just trying to treasure a simple magical ring.
On the other ...
Elrond and Boromir (at the Council of Elrond) lay out a few good reasons why it's imperative that Sauron's ring is destroyed now;
He'll just keep coming back
His Ring was lost but not unmade. The Dark Tower was broken, but its
foundations were not removed; for they were made with the power of the
Ring, and while it remains they will endure.
Knowledge of how to destroy the Ring dates back to at least the end of the Second Age, after Isildur took the Ring, and as described in the chapter The Council of Elrond:
'Alas! yes,' said Elrond. 'Isildur took it, as should not have been. It should have been cast then into Orodruin's fire nigh at hand where it was made. But few marked what Isildur did. ...
Gandalf is upset because the fact that Frodo sees the writing, means that it is The One Ring. It's as simple as that. Throwing the ring into the fire was the test to determine if it was in fact The One Ring.
Sauron passed a tremendous amount of his own native power as a Maia into the Ring he forged. Gandalf outlines the situation to Frodo in "The Shadow of the Past":
He only needs the One; for he made that Ring himself, it is his, and he let a great part of his own former power pass into it, so that he could rule all the others.
Tolkien, the Old English ...
The full verse is:
Three Rings for the Elven-kings under the sky,
Seven for the Dwarf-lords in their halls of stone,
Nine for Mortal Men doomed to die,
One for the Dark Lord on his dark throne
In the Land of Mordor where the Shadows lie.
One Ring to rule them all. One Ring to find them,
One Ring to bring them all and in the darkness bind them
In the Land of ...
The Ring would have been precious to anyone, dwarf or not. We can imagine, though, that a dwarf might have fared at least as well as Frodo. The Council of Elrond, however, was not concerned with choosing the most logical person to carry the Ring. The Council considered the Ring a terrible burden (and the mission suicidal), so they would not have picked ...
The previous answers offer a good explanation of the book canon, but since your question is clearly inspired by the Great Eye of the movies, I'll make the distinction more explicit:
The colossal, fiery "Great Eye" is a creation of the movies...
In the book, it's mostly a metaphor and a logo for Mordor, while Sauron has a normal physical body. He ...
This is after Elrond told Isildur's tale, of how he took the ring – but shouldn't have:
Boromir...cried: ‘I have heard of the Great Ring of him that we do no name; but we believed that it perished from the world in the ruin of his first realm. Isildur took it! That is tidings indeed.’
‘Alas, yes,’ said Elrond. ‘Isildur took it, as should not ...
OUT OF UNIVERSE ANSWER
Tolkien said that using the Ring to defeat Sauron would be inherently evil. Commenting on the war effort late in WWII, in a letter dated 1944, he said:
An ultimately evil job. For we are attempting to conquer Sauron with the Ring. And we shall (it seems) succeed. But the penalty is, as you will know, to breed new Saurons, and ...