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Coming from Stack Overflow here.
I understand that a point system is a must when you have experienced and inexperienced users all mixed together in the same boat. However, I don't understand the point of being able to see each other reputation. In fact, on Stack Overflow, the only thing that users gain with reputation are privileges, which is okay. However, these privileges are only meta tools that has nothing to do with their actual knowledge (to some extent). That being said, if these personal privileges were private (unknown to other users), it would change absolutely nothing for the other users, and the user itself.
Now, some of you will say that being able to see a user's reputation is a good overall measure of its actual capacity to answer. So when you see two answers which seem valid, but one from a 200 reputation user and one from a 20000 reputation user, our subconscious makes the biased assumption that the latter must be the best one. Even if it's usually the case, there is already a point system that takes care of that. In fact, if the latter is really a better answer, we vote the question up. If one's bad, we vote it down. As simple as that; no need for reputation.
Also, like stated in this post, this makes users worry about reputation, just like if it was a form of RPG where some are better than others. However, the reality is that old users benefit from that, and new users will never be able to come as close in terms of reputation. It's not like boxing where you can prove you can knock your opponent. It's a system where only time can push you up, even if you are extremely knowledgeable but unfortunately new to the platform. Most importantly, I think that a platform like Stack Overflow, which is suppose to promote community assistance and development, is bringing down the majority by exposing the minority, when the main reason why we are all here is to learn.
I do think that a system where everyone is equally exposed on the website would be better. The reputation system would remain, but it would be private, just like the money in your bank account. There would be no bias, and the point system would still work as intended (good = +1, neutral = 0, bad = -1). In fact, it would be similar to the Reddit approach (to some extent), which is in my opinion a way more friendly one.