~snip~
The huge majority of his sent/received merits are in the Wall Observer BTC/USD thread. And AFAIK people have made a community around this thread.
I don't think he is trading merits. He is simple not distributing it around the forum (more like just using it as a 'like' system to cool and funny posts).
Well, all of the merit that can be seen in his 30 day history is to and from that single Wall Observer thread.
It's true that the Wall Observer thread is essentially a section to this forum unto its own, it has over 20,000 pages! But, a lot of the comments are frivolous, there are multiple pages produced each day and there's definitely not that much content being discussed.
No one is required to spread their merit around to multiple threads, and it's the content that was merited that is the true determination of whether the merit was worthy or suspect.