This is something that is under discussion on Leofinance. I would expect that we see a new rep system for this site.
As for Hive, it is not perfect. You nailed it that some of the early players were able to game the system. At this point, it seems like that is little point of even looking at the rep. Of course, if one does, it will give an idea of the range someone is in. Perhaps it could tell something but there is no guarantee.
I am not sure that anyone developed a good rep system out there. It is all subject to pitfalls.
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