Q. Why this merit system is introduced?
A. To improve the quality of the posts so that community decide whose contribution is more valuable.
Now, I see there is a problem. Currently, all the spamming is due to multi-accounts a person has to increase his/her bounties. They spam to increase their rank to win more bounty. It is already known that developers of a coins have majority of multi-accounts. It cannot be proved and disproved altogether. And even if it is not the case, the developers can simply launch activity based bounty campaign rather than rank based. Spammers will still abuse the system.
IMHO, with or without this merit system we need an extensive moderator program to eliminate/suspend users from spamming.
Please tell me, if I am wrong or missed something.