Some are saying Mastercoin (MSC) only has a "one exchange".
In fact Mastercoin has 5 non distributed exchanges, see:
http://wiki.mastercoin.org/index.php/Trading_Mastercoins+ 4 more distributed exchanges (currently doing Test MSC, soon to be MSC):
http://wiki.mastercoin.org/index.php/Mastercoin_BalanceI'll grant the skeptics the volume on these exchanges is still relatively small, however Mastercoins have only been around a few months (since August) and only now attracting the attention of larger crypto exchanges.
The other non factual assertion being made by many is that "Mastercoins was pre-mined". This label would imply that some MSC were generated privately before being available to the public. In fact the "Exodus Period" from August 1st to August 31st was widely publicized and open for anyone to participate. During this period all MSC were generated (+ Dev MSC to be handed out over time) and 500+ people took part in supporting the funding of the features described in the Master Protocol whitepaper and spec. See:
https://github.com/mastercoin-MSC/specI'd point folks to the "Clearing Up 10 Misconceptions about the Mastercoin Protocol" I posted earlier
https://bitcointalk.org/index.php?topic=328118.0 Lastly, some are saying that the lack of mining some how creates an issue. However since the Master Protocol operates on top of the Bitcoin Protocol there isn't a need for hashing power / proof of work. The Master Protocol is implementing instead a Proof of Stake system for protocol updates and its distributed bounty system. See my white paper on "Decentralized Applications" many of which are getting developed on top of existing blockchains.
https://github.com/DavidJohnstonCEO/DecentralizedApplicationsIf you are new to this concept you may also want to read Gavin's recent post on "Provably Prune-able Outputs" that makes the storage of this meta data in the Bitcoin blockchain possible with out causing "bloat" or "pollution".
https://bitcoinfoundation.org/blog/?p=290For general information about the Master Protocol / Mastercoins see:
Sub Reddit for Mastercoin:
http://www.reddit.com/r/mastercoin/ Developers Thread:
https://bitcointalk.org/index.php?topic=292628.760Community Website:
http://www.mastercoin.org/Foundation Website:
http://www.mastercoinfoundation.org/