Even if you tie it to a tree, once the bear grinds down your food into a saliva coated pulp, you still don't have food, and the bear got a delicious chew toy that they're going to associate with humans.
Sure, use it in a non bear designated area, or hang it when you're below the treeline. It will still be useful for smaller animals. It seems like all kinds of a bad idea to use it instead of a canister in a designated area.