Doesn't this mean you are the only investor who bears zero risk for investing, and so have a heads-I-win-tails-I-get-my-money-back situation?   If this is genuinely as good an opportunity as you represent it to be, and the number of coins created (and therefore the relative value of each) is determined by the total amount of investment.... You see where I'm going with this?  You have the most to gain, and you hold no risk whatsoever.

I think it would be more appropriate to have these funds create and finance a non-profit foundation dedicated to stewarding the development of Mastercoin, with the funds being controlled by a fragmented key.

The concept here is really solid, and I think it's fine to fundraise in this fashion but I am uncomfortable having the entire finance under the control of a single individual even if he is the founder and especially if he is the largest investor and primary beneficiary of funds.  That is not investment, it is savings being rewarded as the highest of risk activities.