LotR -- Book 1 - Chapter 02 - The Shadow of the Past

[Huinesoron]

I've always assumed that the full Verse of the Rings was written to memorialise the betrayal that was the One. Gandalf says:

Out of the Black Years come the words that the Smiths of Eregion heard, and knew that they had been betrayed:

One Ring to rule them all, One Ring to find them, One Ring to bring them all and in the Darkness bind them.

When did they hear Sauron's words? Did Celebrimbor hear them when Sauron forged or first wore the One (we know he was 'aware of him')? Or did Eregion only find out exactly what the One had been forged for when Sauron's armies were already on their doorstep?

Either way, the full poem feels like a message of warning, letting the Wise keep alive the memory of exactly what the problem is. Yes, Elves still have three of the Rings - but here's where we've figured out Sauron sent the others, and here's what he's planning. If you ever start thinking that maybe he's not so much of a big deal, remember, he forged the One for the explicit purpose of ruling and binding all the others.

hS