In the movie, Bilbo turns to the ring for reassurance and refers to it as his courage when talking to Gandalf. We do very similar things when it comes to the sins in our lives. We take our security from money and end up loving it, we call drunkenness "liquid courage" and people often times turn to inappropriate sex to feel loved and happy. When we are challenged on this, we say "Mine!" and defend ourselves in many different ways. In the end though, whoever tries to take our sin and help us to do better we are ready to stab. I know, because I've been there myself.
God provides a way out of every temptation that is here. 1 Corinthians 10:13, "The temptations in your life are no different from what others experience. And God is faithful. He will not allow the temptation to be more than you can stand. When you are tempted, he will show you a way out so that you can endure." With Jesus, we can drop our rings of power and walk away. We can let the webs of time take everything we thought we needed; because in the end all we need is Christ.