Even though I disagree, I always like a good LOTR analogy.

Just because you post under a nym doesn't mean there is no cost. Whether it is a nym or true name you can lose reputation. It takes time and is hard to build reputation and you can burn that in an instant. That reputation is valuable psychologically, socially, and/or monetarily.

There are many nyms that are more credible and trustworthy to me (because they have been around so long and proven themselves) than some people who post using their true identities (either because they are new or have shown themselves to be dishonest/wrong all the time.)

You also don't have to choose. You can have your true name and multiple nyms that are unconnected and use those nyms to freely speak and work out more controversial or even dangerous topics depending where you are from.

While I agree with you that free speech and being yourself "should" be normal and the honest and upright "should" always be able to post as themselves, that is not the reality of the world we live in. I don't think we will ever live in that world. We can only get closer and farther.

Anonymity helps offset the asymmetric advantage that the powerful and corrupt have.

Like you said, Frodo uses the ring to hide from powerful foes many times where he would've been captured or killed. He even uses it for good on occasion. The ring is just a tool. It is not good or bad. The person is the one that uses it for good or bad. That's how I look at it.

You can always disassociate from the bad faith and troll nyms by muting. But I found it isn't really an issue in my experience.