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If it was cast into the depths of the Sea it would still exist, & therefore so would Sauron, & hence he would win, because he is far more powerful than his opponents. Sauron des not need the Ring to achieve victory - which is already assured - the only thing that can defeat him is its destruction & the only place it can be destroyed is the place of its forging - in Middle-earth.
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But the Ring would make not only a Sauron victory more likely,
but also more long lasting, hence it would be an at least short-term
(in years and more) plus to deny it to him.
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The enemy is fast becoming very strong...We should be very
hard put to it, even if it were not for this dreadful chance. The Enemy
still lacks one thing to give him strength and knowledge to beat down
all resistance, break the last defenses, and cover all the lands in a
second darkness. He lacks the One Ring.
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The Shadow Of The Past