Really good post. I've been looking at SBD in a similar fashion. With the initial understanding that a SBD was supposed to be equal to $1 US Dollar, I've found the inflated price of SBDs a great opportunity to increase my Steem holdings. No reason to hold when you're getting near double it's understood value to sell and acquire more assets. The incredible premiums we have enjoyed with SBDs I've seem as SBDs trading as it's own separate entity, it's own form of currency as you stated, which is odd, but hey, I never look a gift horse in the mouth.

I think you nailed it when it comes to SBDs being a great hedge on multiple fronts. They could be a great hedge if interest earnings would return. In the event of a major downturn, which would more than likely force their traded price under a $1 (if they keep trading the way they have been), this would be a great opportunity to acquire SBDs at incredible value, under it's implied valuation of $1. All in all, I see SBDs as a great way to acquire more Steem Power, which is where I want to be as I'm looking to hold long term. They've proven to be incredibly profitable so far and I believe will continue to be so for the shrewd minded trader.