Try to use their product like waves lite wallet, and this explain to you a lot. If they be able to add fiat currency their with banks and cards it can easily bet eth.
Beat eth? They are never going to provide the same technology that ethereum has, waves can not provide smart contracts as the same quality as ethereum can do.
Waves has a descentralized exchange, that is true, and that is why they can not add banks in there. But they have visa/mastercard.
Waves is not going to beat ethereum, but yes, it is a good coin after all.
Wathes and eth have one huge risk they both depends on one person if something happen with Buterin or Ivanov it will be a disaster. Remember news about car crash with Vitalik last year.