Side effects take many forms. Here is a case report from Cases Journal (2008, 1:45) of a poor man: “Penile and scrotal strangulation caused by a steel ring: A Case Report,” by Ioannis Efthimiou, Savas Kazoulis and Ioannis Christoulakis. I guess one must expect some things if that is one’s predilection (although an angle grinder probably wasn’t part of the fantasy).
However the most unusual side effect is stated in the abstract: “In this case report we describe a case of a 48 year old male who presented in our hospital with a steel ring on his external genitalia which led to penile strangulation and a short review of the literature.”
If people knew that these rings could lead to a trip to the library or the internet and a need to review the literature I feel sure that they would be far more careful. Some things are simply not worth the risk.