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Yeah you risk losing some flavour, there's definitely a sweet spot. I prefer to make the brew slightly weaker and dilute less. I've had ones from cafe's before that were a strong brew and undiluted, I just find them too much, I'd rather have something that's easier drinking and doesn't give me heart palpitations.
Just brew it as you like, play with it a bit, there's no point just sticking to some else's recipe as you've got different beans, water, fridge tempurature etc.
dilute the coffee at least 50/50 with cold water before you drink it.