Help with the reputation system

Could someone here tell me how the rep system works in full? I'm generally a forum lurker, but thanks to the system abuse, I'm wondering how the rep system works.
And what's the titles: Fakku Elite or Fakku Elder about?

Rep points don't really do much at the moment. It's just nice to look at. Also, once you get 500 posts you will have the Fakku Elite status and the Elder status at 1000 posts.

You can only +/- rep someone if you have above 15 posts. Repping a user is limited to once a day, 24 hours. Multiple accounts in an attempt to gain rep or de-rep others is strictly forbidden as Jacob's newest front page entry attests to.

edit: You also cannot rep the same person twice in a row. This was a rule I never about until just a few minutes ago.

Perfect examples of what happens when you make multiple accounts to rep yourself will be to those few members who were banned and got doubled the -rep that they were +rep'd.

Yeah.

Rep is basically something you give to a person as a way of thanks or or for saying something idiotic. But you can also +/- rep someone for other reasons, it all depends on you.

Thnx for telling me something i dunno. should i rep+ him?

We can't tell you who to rep, and who to de-rep, do it as you see fit.

Thanks guys. You're all a great help. I've just mainly wanted to rep some people who've helped me out before haha.

I don't see the rep system as being overly important, although it is nice to get it because it says someone appreciates something you contributed.

My question is should we report dubious repping(sp?)? I occasionally see posts where someone gets +3 or +5 rep for contributing basically nothing. I dunno if maybe that's a multiple account thing, or maybe someone just repped them for something they had done previously. Again, it's not a big deal to me, just wondering if it's worth bugging someone with.

@seraphsword: If dubious enough, report away. Sometimes it might lead to the discovery of multiple accounts, as the earlier fiasco proved by Jacob and proper punishment was dealt. Though sometimes, it's really for a bullshit reason and you can't do anything about it.