Running your engine too cool is NOT good for it.
Your coolant system, when properly bled, does not have air in it and the liquid is under pressure. This increases the boiling point of your coolant/water. If there is air in your system, it will not be properly pressurized; therefore, your boiling point will be lower and your car
will over heat.
http://auto.howstuffworks.com/cooling-system.htm
Page 7 explains how air is normally kept out of the system via the radiator cap
Page 8 explains the thermostat
Strat42586, your thermostat is either stick open, is leaking or is opening prematurely.
Either way your system is seeing all of your coolant most of t he time and it is never heating up properly.
This is not good for your engine.
Buy yourself a thermostat. They are cheap and it is not a hard fix.