The first 771 blocks are pre-mined??
it's doomed to be a dead coin from the very beginning.

Premine is transparent.. Premine could be used for good things..
As long as premines stays transparent, distributed fairly and/or in their wallets they really aint no problem.
It actually is quite a problem, look at DGB, they are heavily developed coin trying to inovate as putch as possible and even thought they have given away the premine already, the value is really small.