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I think Substack is just the next on a long line of plogging sites (first heard that assigned to Medium in 2015 in an article on Wired)

The only way to own your content is to, well... own your content

Host/publish it yourself

Or expect everyone else to profit from it

Well of course but you can benefit from having a publisher, instead of self-publishing. Does Substack take away your copyright?
I don't know if they subsume/extend/alsoown your copyright - but by dint of publishing on someone else's platform, you're beholden (to some extent) to that other entity
If it's a "trap", what are the alternatives? Others here suggest hosting your own, but nobody wants to lay out the whole story.

Hosting your own means server costs and a lot more. Substack is taking care of that.

It seems to me that those who want to use twitter (etc) as a platform to complain ought to be considerate enough to talk about the options.

I only tell subscribers to my paid physical monthly newsletter this type of info. Sorry.
Adequate servers for blogging can cost under 5 dollars a month. You're not exactly running heavy download servers here.