For example, it is discouraging to log in to HN and see that your karma has fallen since your last visit. Using your formula, this would be a very regular occurrence for all but the most active users. Discouraged users are less likely to continue attempting to engage and many would eventually give up their attempts to maintain a decent karma. Then, while your measure may be "more accurate" in some sense, it would easily be less effective for goals that have more to do with engagement & participation than with notional accuracy.
Not trying to poo-poo the spirit of your post though, because as someone without much of a math background, this type of discussion is very enlightening. Just trying to clarify that inaccuracy may very well be a feature, not a bug.