Great points; I thank you - I just have the one issue with this statement.
Sending merit requires work. You need to evaluate many posts and pick the ones you think are most worthy. We are not being paid to send merit, so it should not be a transaction we need to fulfill.
An innocent new user makes an oddly relevant comment and receives two merit points. Suddenly this user has an obligation to reward someone else with a point? I don't think so....
This kind of bias would be magnified how many times if we published a list of those who had spendable merit?
I think that is a different issue. Not spending merit and sending all your merit to a friend are two different things. :/