You have to consider though that potential generated sMerit only happens at best in ideal conditions though, that have a non-ideal counterpart.

Let’s be the devils advocate here:
Say each sMerit, out of the 19.500 max. potential distributed Merit Source sMerits, goes to 19.500 new distinct receivers. Those 19.500 users will now have 1 sMerit. Let’s say they never receive anymore sMerits. In this extreme case, the 19,5K batch will have originated 19,5K sMerits exactly, with no halvings, therefore going nowhere near the potential maximum of 39k.

The truth is somewhere in between, but it depends on two factors:
- How branched the awarded sMerits go (the more branches (the wider the tree), the further away from potential maximum).
- If the receiver sends the halvings on to another person or not.