The two problems I identify with this are 1) it underestimates the distorting effect of social rewards (see also karma farmers and serial confabulators on Reddi

The two problems I identify with this are 1) it underestimates the distorting effect of social rewards (see also karma farmers and serial confabulators on Reddit) and 2) it overlooks how verifiable reputation can be turned into profit by e.g. account-selling (once again, see Reddit).