Alright, 12 minutes later, I think I figured out how it works. Bitstamp has a ripple deposit option, where you can deposit, not ripples, but the dollars that you traded them for at the ripple website.
Ripples are only traded at ripple. There is just the one exchange, but folks who buy ripples can potentially do it other places.
I am waiting for my $2USD to clear to bitstamp. That was quick. (Bitstamp acknowledged the $2 deposit.)
Well I'm satisfied with the experience, and it sure seems like the trade fees are working. I can still sell 146XRP to get $2 (it cost me 157XRP earlier when I did it, same $2).
The $2.00 came to BitStamp without any loss/fee during Tx. But to buy ripple now, at BitStamp, $2.00 will only get me 100XRP, and that seems to be a precisely fixed price.
