It's not misleading at all.
Everyone knows Satoshi has access to something like 1M Bitcoin.
It's like saying Steem wasn't premined because everyone had access to the code.
Except the code was only understood by the person that created it.
New projects are inherently centralized, it is known and guaranteed.
That doesn't make them securities.
This is the point, and it is not misleading.
If you want to split hairs and point out the differences between different premines, then it is in fact you that's being misleading.
Yeah?