Please correct this from OP, its 5.5 blah blah mil coins and not:
Total # of Coins reduced to about 6~7.5Million with POW
This is the most beautiful scam ever. First dozens of mil, then 6 to 7.5 mil, than back to 5.5 mil. And hardly we can find people aware of this.
Are people really blind? I guess the dev and his friends have (or had) at least 50% of all coins easily. This thing will collapse like nothing else yet... I hardly feel sorry for illusional people, but this is too crazy.
To be fair the decision was made very public and heavily supported. There was a 51% risk on the hash and we were near the end of mining. For distribution and safety it was reduced. Pretty much everyone supported the decision at the time.