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From what i've read it seems that sometimes its worn up for the fun of it. That's misleading for us guys because, the decent ones, don't go hitting on or trying to start too much of a conversation with a lady/girl with a ring on her ring finger, just a matter of principle I guess.
If you don't want guys to talk to you or flirt with you then I guess thats one way of preventing it, but if your single looking for a guy, then it's definintely not the way to go