All the Knowledge in the World

Imagine for just a few seconds
The thirst that so beckons

Intelligence beyond the wildest dream
So very powerful it would seem

Now for a minute imagine this
Of the fact that ignorance is bliss
That is we shall say a falsehood

Would you do it if you could
Oh the power, fame, and glory
Recounted for days in story
The ones who desired the power
How this will be your hour

Is there a single down side
The warnings, they have lied

The warning it is at the beginning, crawling down the page (example: the warning is found by taking the first letter of each line)
Time gets later but not earlier, but in here, lies an exception
There lies at the end of all a pattern of pairs, in which there are two repetitions. What is the pattern, and the repetitions?