Is too much transparency a bad thing?

So I'm developing a new mobile app, development is underway and it shouldn't be too long before I unleash it to a set of alpha testers.

I've set up a landing page, linked to Mailchimp so there is means to collect email addresses of interested parties. My hope is if and once there is real interest, then those first sign-ups will get the app for free for life as they will also be the first beta testers.

I've also setup a facebook page.

Now my thought was to start early making frequent posts to the facebook page, letting the world know what I'm working on, and which features are being added as they are knocked off the to-do list, maybe some early screen shots. Whatever I can think of really that gives me some means to make frequent updates to the FB page.

My concern however is whether this is too much information that makes it very easy for existing competitors to see what I'm doing and incorporate those changes into their products. Maybe it's paranoia, and not sharing will cause more harm than sharing.

I'd love to hear what others have done/think about this.

Thanks!