It serves to distinguish experts in cryptography from inexperienced users
Nope, it is not, merits cannot be considered as a measurement for knowing who is smart or not because old members who have higher ranks namely Sr. Members, Hero Members, and Legendary members have all each have 250, 500, 1000 merits respectively but it doesn't make them any smarter than lower ranked members out there. Some high ranked members are just lucky they have a old account enough to go to that ranks with just the measurement of their activity. To test out what I am saying observe some Legendary members you will see some of them still do nonsense post up to this time.