I just read that they can burn your merits if you simply horde them, is that true?
Yes it's true but that has not been done yet. Moreover, even if that burn system is in place users will still have a mentality of hoarding onto them instead of open mindedness. And with the implementation of like button it would be just as that of Facebook's like button where users will not mind much by clicking on like and moving on.
Currently, clicking on +merit, entering points and sending them in a new window is like an extra effort which many users seem to avoid altogether.