Based on your characterization of the situation, LoyceV, I hate to observe that smerits seem to be based on a system that is resembling ethereum than bitcoin - which is that the forum system can print smerits as liked - so forum members  (or even members of the public) are never going to know how many smerits are going to be in existence - for example, 10 years from now?   


By the way, I agree with the overall point, that even though there can be aspects of decentralization in a forum like this,  with current systems, it would be quite imprudent (and perhaps irresponsible) for any owner to completely decentralize such a system.