I'm not sure where this goes but I'm fairly certain it has enough merit to be placed in discussion.

In the announcement it says not to abuse the system although I have not seen any form of moderation to combat abuse of said system.
I'm more than likely wrong but I'd like to hear what is being done and how this problem will be solved.

Other things to discuss:
Who made this system?
What benefit does it serve for the forum?
How will rep farming be combated?
Why does rep farming matter?
Does rep matter in your opinion?
etc.

It's fun.
It also makes it easier to tell who is an idiot, although it doesn't always work, see DarkJak, lol.

What if like 10 people just derepped you for that post, would that make you an idiot?

No. Because he still would have a lot of green squares O.O

First of all, the amount of rep you can give out is determined by how much rep you have.

e.g. If I have +200 rep, I can give out more rep than if I had -200 rep.

Most of the time, people with positive rep will be responsible.

I've already received moderator reports about rep farming, so it's obviously got some moderation.

So if someone were to give someone negative rep you would consider them both irresponsible?

From what I've seen, people with negative rep are generally stupid or annoying; people with positive rep are generally smart and helpful.

Which is exactly the point of this, isn't it?

They are the guys with bad grammar and fucking stupid idiot posts, like "lulz". Pretty much the opose side that you're going. Make usefull posts = Rep grows.