do I correctly infer that the resistor is NOT to protect the bulb from getting too much current, but instead to protect the power source from from the bulbs drawing too much current?
The molex or powered USB hub port can supply
far more current than a couple of 555-replacement LED bulbs will draw.
The one way you
might draw too much current is if you're powering two of those 2-LED bulbs through a single unpowered USB hub port.
- If the LEDs draw 30mA and there are two LEDs in parallel per bulb, that would be 60mA per bulb. 2 bulbs wired in parallel would draw 120mA which would exceed the 100mA USB spec for unpowered hub ports but most can handle it anyways.
- If the LEDs are in series like the example below, it would be only 30mA per bulb. 2 bulbs wired in parallel would only draw 60mA. No problem.
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The current limiting resistor is there to protect the LED in two ways:
1. The LED is only rated for a certain number of miliAmps -- most are 20mA, but some of the large or SMD ones are higher.
If you allow more current to flow through the LED than it is rated for, you'll see the same result as running 5A through a 1A fuse. You'll let out the magic smoke that makes it work.

2. The LED is only rated for a certain voltage -- usually between 1.8v and 3.2v depending on the chemical composition of the PN junction.
If you try to drop more voltage across the LED than it is rated for you'll let out the magic smoke that makes it work.

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To put it in plumbing terms:
* Voltage is comparable to water pressure
* Amperage is comparable to the amount of water flowing through per second
* The LEDs and resistor are like water wheels
* If the water pressure is too high, too much water will flow through causing the water wheel to spin too fast and fail
* After the water flows over one water wheel, it will flow through the next one in series
For this example, let's use two red LEDs (rated for up to 2v) and a current limiting resistor.
- The first two wheels (the LEDs) drop 1.5v each.
- The third wheel (the current limiting resistor) drops 2v.
If you tried to run one LED (fourth wheel) on 5v without the resistor, it would have to drop all 5v
and it would draw more current because there would be less resistance between 5v and ground.
- Ohm's law states that
voltage = current * resistance so if the voltage is the same and the resistance decreases, the current increases.
By changing the value of the resistor, you control how much voltage it drops and the amount of current flowing through the circuit.

Scott