I am worried that some people just want to misuse the site, just like a lot of other sites. It is possible that some people might be interested in making people lose massive amounts of reputation for their entertainment. If six or more banded up, each patrolling through questions and each casting one spam/offensive flag on each question/answer, it could cause some users to lose hundreds of reputation relatively quickly. Could this mean an end or something on a similar scale to the stack exchange where it takes place? If not, then about how much trouble could such troll armies cause? Have moderators or other such people considered this possibility and accounted for it?
If six or more banded up, each patrolling through questions and each casting one spam/offensive flag on each question/answer, it could cause some users to lose hundreds of reputation relatively quickly.
That's correct. However, those users would be likely to complain (on Meta sites, via flags or the Contact Us form) and soon the ♦ moderators and/or the Community Team will figure out what's happening. Be assured that in these cases the victims will get their reputation and privileges back, and long suspensions will follow for the 'trolls'.
Users with 10,000 or more reputation can also see deleted posts (including flagged ones) and might also help identifying these cases. And I almost forgot, we even have a flagging army which gangs up on blatantly obvious spam posts. More details here: Can a machine be taught to flag spam automatically?