Yeah, Merit HoDLers is the reason. That's why we need merit Sources
Not only that.
In the case we don't have any merit source, we would still face lack of merit even if all users spend all their smerit.
Without merit sources, as users get 0.5 smerit for any merit they earn, the total number of merit that are in circulation would gradually decrease to zero.
Right. But, As far I know we have 111 Merit sources only. it's been a long time since theymos didn't add any new merit sources.