Rep is just reputation points. In theory, if people like a post you make they will click the scales under your name and give you good rep. If they didn't like a post they give negative rep. The people with higher rep have more green squares under their post count.
In order to give rep you have to be a green nickname.
Is there a point? Well, the board is getting a ton more posts about it and so that has created a buzz. It won't last but it is a brief amount of fun. If you take it too seriously the point will be to get a reaction...like you just provided.
So, really rep is the GFY of 'liking' on Facebook.
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