Reference: These verses are essentially identical to Isaiah 29:19–20: “And The meek also shall increase and their joy shall be in the Lord, and the poor among men shall rejoice in the Holy One of Israel. For assuredly as the Lord liveth they shall see that For the terrible one is brought to nought, and the scorner is consumed, and all that watch for iniquity are cut off.”
Both Isaiah and Nephi are describing conditions at the end of the world. Both “the terrible one” and “the scorner” are epithets applied to Satan. Because Satan is “brought to naught,” the time period is clearly the last days. With Satan’s powerlessness, the wicked (“all that watch for iniquity”) also lose their source of inspiration. Binding Satan also checks the iniquity of the wicked.