The dev or team holds 50% of all coins to stake. That means it is really easy to hit 51% of all staking. At that point of 51%, you can tell the network what to do, as you control the majority vote of what happens on the network. You can literally tell it anything and it will believe you since majority wins.
50% of ICO funds, not all coins. Would potentially be competitive with number 1 and number 2 wallet maximally. Also community will vote on devs and leaders to hold fractions of the coins not all held by one individual or group. Additionally the max amount is not big enough to fork the network.