I have voted for an answer here and agree to much of what is said. However, there is much to be added also.
Elves and rings, a brief introduction:
Although Sauron knew that men were easier to sway, he sought to bring
the Elves into his service, as they were far more powerful. By about
SA 1500, Sauron put on a fair visage in the Second Age, and calling
himself Annatar, the "Lord of Gifts", he befriended the Elvish smiths
of Eregion, and counseled them in arts and magic. Not all the Elves
trusted him, particularly Lady Galadriel, Elrond, and Gil-galad, High
King of the Ñoldor. However, few elves listened to them, despite their
However, as soon as Sauron put the Ring on his finger the Elves sensed
his treachery, and removed their rings and hid them.
We can only speculate as to what kind of evil creatures and instruments of Sauron elves would have been had they been swayed by these rings. The result itself would have been catastrophic as an elf would pose as a great weapon and a great servant of Sauron's purpose as we have seen the Nazgûl become.
We could say that Lady Galadriel, Elrond, Gil-galad and Cirdan were far more aware of this, than other elvish leaders.
Gil-galad was entrusted by Celebrimbor with the rings Vilya (Ring of
Air) and Narya (Ring of Fire), two of the Three Rings, which he passed
on to his herald Elrond and his lieutenant Cirdan prior to his demise
at the Siege of Barad-dûr.
The third ring went to Lady Galadriel:
She was also the bearer of Nenya, one of the three Elven rings.
We can conclude that they all knew what The One Ring was and what it could do to them, as they all were in contact with the other rings and Saurons treacherous and deceptive nature to sway the power in his own purpose to his own will. Those that bore the rings and kept them hidden were the elves that sensed Saurons intentions. The keepers of the three hidden rings, Galadriel, Elrond and Cirdan.
Gil-galad was killed by Sauron on Mount Doom that day while Sauron was wearing the One Ring.
He fought bravely against the Dark Lord, but Sauron picked the High
King up into the air and threw him against the rocky plateau of Mount
Doom, breaking his body
Elves wouldn't toy with such a powerful device that lead people into their own doom. They would stay away from it, or destroy it if they could. That day much blood had been spilled and much was lost so Elrond did what he thought best.
Elrond said he would not force the Ring from Isildur, and left the
problem to be dealt with by Men.
Much later in the Third Age, Elrond regretted that he didn't make Isildur cast the ring and destroy it in the fires, but it was too late and it had been lost again. We could ask - "Was Elrond afraid?" Certainly he was, for his race and for the fate of the world.