Tether can be used as a hedge, if you are able to exit your position fast enough. However, I agree that its total BS, and I personally wouldn't risk using them to try and buy the dips.
I hold 95% of my crypto in BTC, and don't bother moving in and out of trades since this requires a lapse of security, and moving a lot through exchanges that I cannot trust.
If SMT's roll out successfully, I don't think we will have to worry about Steem price correcting this low again. I read the whitepaper, but am not sure if our SP here translates to much on other sites that will issue their own coin on the Steem blockchain.
_Rob
Smart move in not moving.
I guess the same general notion can be applied to users on steemit. At least with the internal market structure they can just play around with sbd and steem locally and not have to risk exposure to external exchanges, even though they might miss out on profit-taking, they'd also avoid the situation of getting their money completely trapped or stolen.
Yeah, some good SMTs might add some baseline value and demand for steem, but it might become an issue like other coins have where parallel economies don't elicit strong demand for the root one.