Mastercoin appears to have a working market, transaction explorer, and reportable capitalization (at coinmarketcap.com), so it seems your information out of date. (Mastercoin might be doomed for any number of reasons, but it seems to be past the point where it can be casually dismissed with hand-wavey 'sounds like all talk'/'comical' impressions.)
But none of that is new. A market for what? You mean an altcoin exchange? There's already websites where you can buy your own white-label exchange.
Mastercoin was supposed to be an application platform/protocol layer on top of the Bitcoin blockchain. Just one of the applications was supposed to be online gambling. Sounds like a red flag to me.
Anyone can create their own vanity altcoin--that part is not surprising to me. To build an application layer on top of the Bitcoin blockchain, in your spare time? Yes, sounds comical to me unless you're some Bill Gates superstar.
