The only valid discrepency I can think of is the mention of giants. Which from a hobbit perspective could be just about any manshaped race taller than they. I agree on orcs and goblins being the same thing, and also visualize goblins as a weaker variety of orc (perhaps the sniffer in Mordor would be considered a goblin?). As for the worms, might they be dragons, or perhaps an earlier attempt of Morgoth's at creating dragons?
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