There are some addresses that have 50,000 coins so certainly some people are hoarding. I don't blame them at all because I would do the same thing but the concern is about how they intend to sell it. If they dump 50,000 coins then the price will sink too much too fast and that isn't good for you if you're trying to speculate and make a buck. What you want is for enough people to have the coins and demand to be sufficient that one person dumping 50,000 coins wont completely crash the price for you.

You want an equllibrium point and we have not reached that yet because price discovery isn't yet based on progress on the development front but more based on people starting to hear rumors about Mastercoin and the clever idea it is. Obviously I think 1 MSC is worth 2 BTC but it's not going to be worth that before the protocol even works. Let us be honest and admit the it's still just an idea right now.