This will play to the advantage of the spammers. All they have to do is pass merits around with each other, while the real accounts have no one to pass merits to them unless some other real account decides to.
I think I'm going to need to add a FAQ section to the OP.
I did think of that. Unfortunately, any system devised by man there will be another man trying to game it. The problem they will face is that they will quickly run out of sMerit to abuse, that was why I suggested an ongoing requirement. Like the Merit system itself, it will take time for it to show its full effect.
That still does not make it a good suggestion in my opinion.
I believe the quicker way is to not allow newbies and Jr. members to create new threads, except in beginners and help, then clean up the rest of the forum from spambait topics and spam mega threads.