Yes... Ripple is closer to our competitor... but even then it isn't. Ripple is a gateway to banks...a standardized API for talking to all banks.
BitStamp is on Ripple and has BitStampUSD
You could setup a market for BitStampUSD to ServiceBitUSD and then allow ServiceBitUSD to be redeemable.
BitStamp could also simply have a market for BitStampBitUSD : BitStampUSD directly....
Ripple is nothing without BitStamp and other gateways like it. It can contain no value itself.
...which is it's strength as well as its weakness.
I don't see much value in anything but BitShares, Ripple and Ethereum for smart contracts. Value not in terms of the value of the token but in terms of what will be used in the future from this crypto industry.
I was speaking solely from a user perspective.
The following I would say is true as long as people are not paid in BitUSD (then you don't need banks anymore), until then: If BTSX can reach integration into Banks (being able to buy BTSX and BitUSD with you online banking account) it is comparable in easy of use with Ripple. The big hassle is buying on an exchange.
If BitStamp goes down... BitStampUSD is worthless on the Ripple network.
That is the big selling point of course!!