Hello,
Please pardon the interruption, but I think I can add to this on a positive note. Tar Eleinion is on the right track, as we must remember that Elrond Halfelven is representative of the Two Kindreds, as well as that of the Ainur. He is directly descended from Melian the Maia (the spouse of Elwë), being her great-great grandson, the great grandson of Beren and Lúthien (the daughter of Elwë and Melian), the grandson of Dior (the son of Beren and Lúthien) and Nimloth (kinswoman of Celeborn), and finally, the son of Eärendil and Elwing (the daughter of Dior and Nimloth). Quite an astounding pedigree. This is not to mention the lineage on the side of the Edain.
If there is anyone left alive in Middle-earth in the Third Age capable of wielding the One Ring, given his power and wisdom, it is "especially Elrond." However, just as was the case with any of the others who had power enough (i.e. Gandalf, Saruman, Radagast, possibly, and Galadriel) to wield it, Elrond could never possess it. It would possess him, ultimately, and would produce a Dark Lord that would rival that of Sauron, moreso than the Dark Queen envisioned by Galadriel, but probably not as powerful as Gandalf, Saruman, or Radagast. It was Sauron's Ring and was absolutely corrupt and evil.
The reason the hobbits were "chosen" to carry the "burden" of the Ring is that it was not in their nature to rule and conquer but to till and sow, with an occasional pint here and there. The composition and temperament of a hobbit would allow them to hold on to the Ring longer than would a Man or an Elf, or even a Maia, before it would eventually consume them too, turning Middle-earth into a vast garden of evil filled with Old Toby smoke-filled Springle-Ring dance halls and seedy Ale-houses. Kinda like New Jersey.
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