It does somewhat kill the point, since you will be the only person able to validate the tokens (presumably), this then means it's a centralised architecture rather than decentralised. It also means that investors have to trust that you will honour the tokens. I'd read more into blockchain principles and hopefully this will make more sense.
Correct me if I am wrong but most of ICO-s have that same validation/trust issue one way or another? With few exemptions where the decentralised system (after it is assembled by a team one has to trust) truly has a life of its own.