That's called an extortion scheme, and it's not a permissionless ledger either.  The extortion blueprint is:

1)  Create PoS or IOTA tokens out of thin air with most or all residing in a genesis block which you control.

2)  Attempt to convince or force others to require them for some purpose

3)  Since you cornered the market already on day one by design, everyone is now required to go through you and your associates to be extorted at will


That covers the extortion part.  As for the second part, for it to be a permissionless ledger, there has to be a constant turnover of coins accomplished in one of two ways, either finite coin count and TX fees in block reward, or permanently inflationary mining where outsiders can acquire them without being forced to go through the original holders, exchanges, or other parties.

While IOTA is both a permissioned ledger and extortion scheme, the original PoS coin, Peercoin, attempted to not be an extortion scheme by having coins issued via mining, yet it fails in the aspect that it still is a permissioned ledger by being a recursive, closed entropy system.