Steemit, STEEM, and Steam Dollars, some questions for y'all

OK, so I'm kind of starting to understand the dynamics at play here for these cryptos.

My big question right now, the one that I can't figure out, is whether or not it's possible to set up your own STEEM or Steem Dollars wallet. Blocktrade converts crypto by having you send Steem to the blocktrade steem account.

Can you create a steem wallet yourself, and send steem to it using a wallet address?

I'm a little uncomfortable with the fact that many steem transactions seem to take a very long time. It's a double edged sword. On one hand, it definitely encourages long term thinking , and commitment to the platform. On the other hand, if some kind of massive currency manipulation were to happen, this would prevent many people from withdrawing their cash during a crash.

Now, I'm kind of leaning more towards the first situation, that the result is a net positive for everybody involved. Even if the price of steem crashes, the net result is effectively the same, we have a content platform filled with great stuff.

I'm still trying to understand the fractional reserve aspect of steem. Working on reading through the whitepaper, but I am dumb and there are still large chunks I haven't grasped.

What would happen to the steem community if the price of steem crashed? would rewards diminish? Would people become disenchanted? Or would people understand the natural cycles of crypto?