Well, this is just about exactly what it says on the tin. I've finally mustered up the energy to write a full-length review of what's a plausible contender for my Favourite Novel Ever, Reverend Insanity. I'd reproduce it here too, but it's a better reading experience on Substack (let's ignore the shameless self-promotion, and the fact that I can't be arsed to re-do the markdown tags)
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Notes -
...is it though? The elven rings seem to be simply useful; there's no risk there.
And Gandalf seems to have let Bilbo run around with what he thought was a simple "magic ring" for about a hundred years, before he got suspicious that it was actually the One Ring.
The elven rings were not corrupted by Sauron, but their own risk was the tendency of the Elves to want to hold back time so they could recreate the immortal conditions of Valinor in Middle-earth (to have their cake and eat it, as it were). They did comparatively little damage because they were mostly around under war conditions, so first hidden and not used openly until Sauron's first defeat, and then used defensively against him. But if they had been used from the start as Celebrimbor hoped, the Elves would have fallen into that trap of trying to be little gods in their own realm.
Gandalf didn't think much of Bilbo's ring, although he was somewhat suspicious of it, because it didn't seem to affect Bilbo badly and he never imagined that this was or could be the One Ring that everyone had been searching for since Isildur's death. There were a lot of lesser 'magic rings', apparently, because everyone including mortals tried their hand at creating magical items, but how much power any of them could have would have been limited.
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