Many of us already know that owning Bitcoin ETFs is not the same as owning bitcoin, and sure there can be some legitimate reasons that guys might own bitcoin ETFs rather than owning bitcoin or perhaps to own both bitcoin and Bitcoin ETFs can also be acceptable in certain circumstances.

I won't completely bash folks (especially newbies) for owning bitcoin ETFs, yet I may well bash newbies and others for arguing that bitcoin etfs are the same thing or close enough to the same thing as owning bitcoin directly, when they are not. 

There is a difference between owning price exposure to bitcoin and owning the underlying bitcoin directly, including that some folks hold their bitcoin on exchanges (or with other 3rd parties) which can be problematic depending on the relationship and perhaps how much of their bitcoin stash are held in those custodian relations, and sure sometimes there might be a role for price exposure and/or third party custody arrangements in certain contexts.. even though the actual power of bitcoin comes from holding it and transacting in it directly, which sure bitcoin might still have some power even when it is not held by individuals, yet bitcoin may well end up getting neutered quite a bit if it were to go down a path of having hardly any individual ownership.