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What does the Book of Enoch's apocryphal status imply for the Epistle of Jude that cites it?
It does not imply anything at all as St. Jude was simply quoting a Jewish source that was known to the Jewish community at that time. It was somewhat of a popular Jewish work that had a certain notoriety in those days, but nothing more.
The antediluvian patriarch Henoch according to Genesis "walked with God and was seen no more, because God took him". This walking with God was naturally understood to refer to special revelations made to the patriarch, and this, together with the mystery surrounding his departure from the world, made Henoch's name an apt one for the purposes of apocalyptic writers. In consequence there arose a literature attributed to him.
It influenced not only later Jewish apocrypha, but has left its imprint on the New Testament and the works of the early Fathers. The canonical Epistle of St. Jude, in verses 14, 15, explicitly quotes from the Book of Henoch; the citation is found in the Ethiopic version in verses 9 and 4 of the first chapter. There are probable traces of the Henoch literature in other portions of the New Testament.
Passing to the patristic writers, the Book of Henoch enjoyed a high esteem among them, mainly owing to the quotation in Jude. The so-called Epistle of Barnabas twice cites Henoch as Scripture. Clement of Alexandria, Tertullian, Origen, and even St. Augustine suppose the work to be a genuine one of the patriarch. But in the fourth century the Henoch writings lost credit and ceased to be quoted. After an allusion by an author of the beginning of the ninth century, they disappear from view.
So great was the oblivion into which they fell that only scanty fragments of Greek and Latin versions were preserved in the West. The complete text was thought to have perished when it was discovered in two Ethiopic manuscripts in Abyssinia, by the traveler Bruce in 1773. Since, several more copies in the same language have been brought to light. Recently a large Greek fragment comprising chapters i-xxxii was unearthed at Akhmîn in Egypt.
Scholars agree that the Book of Henoch was originally composed either in Hebrew or Aramaic, and that the Ethiopic version was derived from a Greek one. A comparison of the Ethiopic text with the Akhmîn Greek fragment proves that the former is in general a trustworthy translation. The work is a compilation, and its component parts were written in Palestine by Jews of the orthodox Hasidic or Pharisaic schools. Its composite character appears clearly from the palpable differences in eschatology, in the views of the origin of sin and of the character and importance of the Messias found in portions otherwise marked off from each other by diversities of subject. Critics agree that the oldest portions are those included in chapters i-xxxvi and (broadly speaking) lxxi-civ. - The Book of Henoch (Ethiopic)