"BUT, BUT...BUT BILBO WAS WEARING THE RING WHEN HE WAS TALKING TO SMAUG, SO...SO HE SHOULD BE INVISIBLE!"
Oh God. What have I done.
The whole joke is ruined forever.
Well, I guess I'll just have to go back to watching Sherlock over and over again. Forever.
I suggest you do the same.
**EDIT** Season four is a sham.