That makes the coin even more worse...
Why didn't you just implement POS besides the POW, so there won't be a premine
POW like in the OP (max 1 million coins)
and POS (5% annualy)
I don't get it.
There is no advantage of your premine...
The advantage is that with POS you need to burn your coins and keep your wallet software open. You don't need to do that with SpeedCoin, you simply deposit or mine SpeedCoin at ANY address, and without even needing to keep your wallet open you gain interest payments. You save electricity and use less computer resources.
Maybe you should have done better research...
There are also POS coins (1st gen POS coins like PPC, COMM, etc.), which work without keeping the wallet open. Not like e.g. NXT where staking is used for transaction fees.
So, why such a huge premine?
Coins like PPC need you to keep your coins untouched for a certain amount of time before minting occurs. SpeedCoin allows you to freely move your coins to any address and you'll gain interest no matter what. The pre-mine is for flexible interest payments that PPC and others do not provide.