The logic of it is a bit sus.
1. We started with negative reps
2. Negative reps where taken away for good reason.
3. Some members ended up with masses of rep which the moderators, I assume, believe the people did not 'deserve'. I also feel this had been brought about based on the idea that groups of people tend to rep eachother.
4. Negative reps for moderators are brought back.
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The policy assumes that moderators are the best judge of whether someone likes what someone is posting.
It also overides the person who has chosen to rep that person because they like them/what they are posting/whatever.
It also assumes that mods never make bad posts nor are offensive or make poorly thought out decisions.
If this policy is based on the notion of groups repping eachother it should not be forgotten that certain people tend to rep certain people because they like the posts that that person makes. You can't make policy to control the reasons why people may give the same person rep often.
The policy of negative reps in this context should only be used in extreme circumstances such as rep begging. To negative rep people for being offensive is a bit rich as it places moderators in a position whereby they cannot be offensive. It's hypocritcal considering mods are occasionally offensive. Rep trading is another thing. Considering that in the early stages of the rep system moderators were doing it anyways.
It also assumes that moderators do never deserve to be negative repped. That moderators never make mistakes.
Also it assumes that moderators can best judge what infringes the forums rules. This is a subjective thing. It would result in inconsistancy. The power is also unchecked. Moderators therefore should not be invovled in debates where opinion is invovled. Clashes of opinion in a heated way could result in negative reps.
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It's not a bad thing as long as it is not abused by the moderators. I wonder if I get nagative rep for this post