Rater Reads The Hobbit

[Fyraltari]

Not as it was written. Changing what the ring was after the book was written doesn't really come into play, since

Spoiler

Show

it didn't have any discernable effect on Bilbo anyway.

Spoiler

Show

That's a bit like saying that since that one guy did not eventually get lung cancer, that one time he smoke 100 cigarettes in two days wasn't unhealthy. Edit, to clarify my point, it's explicitly said in the text that the use of the Rings worsen the conditions of their wearer: the more they use it the more the sun became unbearable to Gollum and the more of the Nazgûls' will became subordinate to Sauron's.