Yep, it's not a "threat" no more than someone offering to custody gold for you is a threat to gold. It might be a threat to the person that chooses this. Or rather a risk they may not be aware of. Or a tradeoff that is not well understood.

I don't think framing things as threats when they are really just tradeoffs is accurate or helpful to understanding bitcoin. There will always be scammers. We can't save people from their own choices and the consequences. But telling the truth and calling out deception is important

Your comparison to the ETFs is a great one. They are not a threat to bitcoin. Maybe they are to people but bitcoin does break because a company holds bitcoin on people's behalf. Those people are making a decision and that might work out for them. It might not.

When people talk like everything is a threat to bitcoin it makes me think why are they bitcoiners?