Well they can do whatever they want, but how many people are going to really get on board (and stay on) if they realize OC is keeping half the XRP market cap for itself? Half is just way too much. 1% or 0.1% might be agreeable, but half?? And anyway tgere is no fair way to distribute the rest without PoW, so PoW cannot be avoided.
It works even if they take the 80% or more (and give the possibility to change the decimals by consensus system)You are just jealous
Use Bitcoin as currency/asset, and use Ripple as exchange/credit system.
If Ripple will fail to be as a good exchange/credit system, you will have the source code to make your own with your own rules.
By now it don't see it bad, and I'll invest my time to better understand it and find where it can be useful.