For one who delights in sensual pleasures, without liberation from possession; joy is joy, joy of karmic action, joy that the Lord of men praises.

The verse seems ironic. There are multiple types of joy: that of sensual pleasure (kāma), that of becoming (bhava), that of action (kamma). All are nandi — delight — but one traps and another liberates.

Kiñcana-mocanā — liberated from possession (kiñcana — something, anything). As long as there is a “something” possessed, there is bait for thirst.