It’s not selling (it’s a form of selling), does one have complete ownership of the leveraged asset?

Meaning can one sell it after it’s been leveraged before the debt gets settled?

One can’t. Because it’s not ones property. Because one gave away that right until they buy it back once the debt settled.

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“Trading Bitcoin is a sign of lower intellect”

Leverages bitcoins to get more bitcoins.

Cue in Alanis Morisette… “don’t you think?”

It's also not available in the market to be sold. It's locked until the debt is payed. So for the market, it's not available, and you can use your loan to buy more from the market (leverage), or just buy other stuff.