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it does nothing

If you hover your mouse over the upper right corner of any post that is not yours,
you can use the rate this post button to increase the reputation of the creator.
However, the reputation value has only a cosmetic effect.

In the top right corner of a post next to the Reply button, you can see a Rate + button. There used to be a Rate - button as well. Since the latter was abused via user scripts and such, it was removed along with the reputation that was publicly visible underneath each username. As you've discovered, users can now only see their own reputation under My Settings.

10 reputation is required to post links. It's not terribly useful as anti-spam measure, since example.com/whatever still goes through. It's an irritation for people who got stuck with negative reputation due to abuse more than anything.

If 5 or more people Rate + your post, it gets marked high rated.

If the thread starter selects one of your posts as the solution to a question thread, that nets you 5 reputation.

Posting nets you 1 reputation per day, regardless of the number of posts.

Outdated. 7.

That's if you're talking about the (now hidden) rep system...

If, on the other hand, the question is about the meaning of being a reputable user on the community giveaway, where the OP tried to make a request recently, then that's quite different and basically just means to be known by other active users, and by the manager of the giveaway thread in particular, as posting regularly and making positive contributions in regular threads, as in not giveaway ones, and posts in forum games may also count relatively little.

I think that OP is talking about this because in addition to the monthly giveaway thread that is currently run by Lone_Scout, thread OP has posted in another giveaway thread where you can try to request something.

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