The thing is to learn from the community. Learn what is wrong and do something about it. The Bitcoin community is quite negative about Mastercoin at the moment. Some are openly hostile. The thing is to not get stuck on the FUD, but real concerns like some things killerstorm has pointed out.
I see a strong level of support coming from many. Just check the #mastercoin on twitter. Those who have a problem with Mastercoin using Bitcoin protocol or the lack of mining don't really get Mastercoin and need to be educated. Mastercoin was the result of community coming together to create the first decentralized exchange.
Mastercoin is first such initiative and most advanced at the moment. All others came after and even though they do have some good ideas, Mastercoin has a huge head start and first mover advantage, which will become more obvious in the days to come.
I learn a lot from my critics.
Those that criticize for good reason are the next wave of adopters once those reasons are resolved.
Those that criticize for poor reasons are just the very late adopters.
Cryptographic assurances are taking the place of regulation and governance, so it is going forward with or without them.
