Smaug did not know that Bilbo had the one ring. Unlike the Nazgul, Smaug couldn't detect the presence of the ruling ring. He had no way of knowing that Bilbo had it, was using it, or that it was the power of the ring that made it impossible for Smaug to find Bilbo.
The dwarves turn to Bilbo for leadership. He decides to go back down to Smaug and see if he can find his weak spot. Bilbo is invisible because he is wearing his ring, but Smaug can smell him. They talk about the treasure-trove and the dwarves' intent to reclaim it.
Peter Jackson certainly makes the assertion in the theatrical and extended editions of the Hobbit movies that Smaug and Sauron are not only well aware of each other, but are planning to ally with each other. Smaug even seems to have detailed knowledge of Sauron's coming plans.
Nevertheless, Smaug is very old, maybe older than the Ring itself and may have heard about the Ring somewhere. He may sense the power of the Ring and that Bilbo considers it 'precious' like most others would. It was Isildur that first called it 'precious', by the way, long before Smeagol was born.
He wouldn't be attracted towards the ring because of it's power because Smaug believes he is the most powerful. He doesn't needs The Ring to be more powerful.
Smaug's dragon-fine would not have been hot enough to destroy the One Ring. The malevolence that Sauron put inside of the Ring could only be destroyed in the Cracks of Doom, so Frodo was compelled to make the journey to Mordor.
Although both the Balrog and Smaug are creatures of fire, and Gandalf is able to match them thanks to the power of his fire ring, defeating the Balrog takes far more spiritual prowess, which is why Gandalf is able to essentially 'level up' and comes back as Gandalf the White, whereas defeating such an immense physical ...
Smaug asks Bilbo's name. Bilbo doesn't want to give Smaug his name for fear of evil spells, but he also doesn't want to refuse Smaug's request for fear of angering the dragon (neither would we). So Bilbo calls himself a number of fancy names – "Barrel-rider" being the primary one.
The townsmen's arrows and spears proved useless against the dragon's armoured body. The thrush told Bard the Bowman of Smaug's one weak spot, a bare patch on the dragon's belly. With his last arrow, Bard killed Smaug by shooting into this place.
Good question, the answer here lies in linguistics rather than in Middle-Earth lore. Telling Smaug ANYTHING close to the truth is dangerous. He might hate Hobbits, or use that knowledge to follow him back home and destroy him.
Sauron allied with Smaug and intended to use the dragon's powers against the people of Middle-earth. But before that could happen, Smaug was slain by Bard the Bowman.
Smaug was the last of the great dragons, thus ridding Sauron of a possible powerful ally. Beyond this, all the rest of the dragons in middle earth supposedly only lived far to the north; being now a lesser race, the logistics of bringing them to bear, particularly in the southern campaigns, would be unlikely.
The movies didn't show it, but the Balrog all but defeated Gandalf in a battle of spells. So, the bottom line is that some brutish beast like Smaug (regardless of his size) wouldn't have been a threat to a Balrog. The only thing that could save Smaug would be his wings -- if he flew away in full retreat.
Yet, with Smaug being a dragon, he may have shared the same traits as real-world reptiles -- most notably, their ability to go long periods without eating. Many reptiles have a form of hibernation called brumation, where they'll slow down to conserve energy over winter and not require any food.
Gandalf knew exactly where the Ring was, and who owned it. At any time he could've stepped in to help Bilbo destroy it if he did indeed confirm it was the One Ring. However, Gandalf would also have known how corrupting an influence the Ring can be. So he wouldn't have taken it himself, even if he had known earlier.
His dragon-spell would become far more powerful, because he'd be able to mass-influence his subjects using the Ring's power. Dragons are already able to do this, but with the Ruling Ring, the effect would be massively increased.
Dragons were created by melkor meaning they have the potential of joining Sauron's cause, I believe Gandalf wished that Smaug was out of the picture to prevent Sauron gaining another powerful ally.
Meanwhile, the thrush returns to the company on the mountain. Finding that they cannot understand its speech, the thrush brings an old raven that can speak in the common tongue. This bird informs Bilbo and the dwarves of Smaug's death, and they rejoice.
While there is no official answer for why Bilbo and Sam were able to be rid of the Ring without too much issue, there is a lot of supporting evidence that suggests it was partially due to their inner morality, as well as partially because of the Ring choosing its own path.
Posted on Reddit by user applecub, the theory posits that Legolas' name slipped Frodo's mind since their introduction was brief and overshadowed by the daunting task of destroying the One Ring. By the time they reunited in Rivendell, Frodo didn't ask Legolas for his name to avoid offending him.
However, a specific scene in The Lord of the Rings has led fans to theorize that Frodo and Legolas didn't talk, not because of time, but because the hobbit didn't know Legolas' name (and was too embarrassed to ask).
God is the most powerful entity in Tolkien's Lord of the Rings universe. The Elvish name for him is actually Eru Ilúvatar, meaning “the one, father of all.” So the question becomes: Who is the second-most powerful being? Originally, it was Melkor, “he who arises in might,” the most powerful of the Ainur (or angels).
Eru Ilúvatar
He possesses infinite power and is responsible for the destiny of all beings in the world. In conclusion, Middle-earth is home to a wide variety of powerful and magical beings, each with their own unique abilities and strengths.
Without a doubt, the most powerful wizard in Middle-earth is Gandalf the White. While Gandalf was always a reasonably powerful wizard in his own right, facing off against the Balrog in the Mines of Moria, a battle that took ten days and resulted in the mutual demise of Gandalf and the Balrog.