Its somewhat of a gamble, dealing 140 damage and requiring each player to discard their top deck card
Sure, youll lose life as this is happening, but you can easily find another Ring, replace your current one, and negate all of the life loss

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Pictured above in the 1,600 ct
The third mistake is ignoring the first two turns
Similarly, a replacement effect like Leyline of the Void replaces the act of putting a creature in the graveyard by sending it to exile instead