Reputation is flawed on pretty much every site that tries to implement it. The more you try to smooth it out the more cracks you notice, and after it's gotten going you can't suddenly change. It's like pinball: pressing "start" generally gets you a million or so points on modern games, and you could just lop off the last few zeros with no effect apart from... everyone who has high scores resenting you forever.
Pretty much this. I'd happily give away some of my imaginary nerd gold, but I guess many others feel differently. That said, SO already has a daily max rep you can earn, maybe they could do the same for longer timeframes too, or cap the amount of time you can gain rep for a single answer.
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