0.5% is not a huge premine.
Right, what could possibly go wrong with 100,000,000+ coins given to one entity from the start? It's not like 100,000,000 would be more coins than anyone else currently has or more than 50% of the current total of coins (and for some time to come) and that said entity could possibly do anything immoral with the coins. It's completely out of the question. This seems totally legit!
[/sarcasm]