We have the community...if people dont leave we will win.
They have the money, and a pseudo first mover advantage.
They aren't really a competitor though. They're basically a bad version of a ripple gateway, and it could very likely turn out that they're breaking the law if they don't perform thorough KYC checks.
Their marketing is very slick. They are getting first mover advantage for the bitAsset memes. Many, many people will jump aboard. Unfortunately anyone who doesn't do enough due diligence to look at Halsey Minor's background litigation history is unknowingly undertaking extreme counterparty risk.
It is possible that part of their business strategy is a planned bankruptcy after wealth has been extracted to the benefit of the major shareholders. This will be very bad publicity for all bitAssets, even the decentralized ones, in the public's mind.