Merge every two vertices in a loop So I have a long loop of vertices. And I want to make each 2 vertices to blend into 1 like shown in image.

Currently I have a situation like on left(but much longer). However, I need to get situation as visile on right. Selecting every 2 vertices and merging them is long and exhausting process. I was wondering if there is a way to do it faster, in loop.
With the Edge Select mode enabled select the whole edge with Alt+RMB, then go to Select-->Checker Deselect. Set it up to select every second edge segment, then press X-->Edge Collapse.