"A reputation based economy is what we're moving towards", we should be resistant to that. I think it would be fair to say a "reputation based economy" is a synonym for crony capitalism -- I'll only do business with you if I know you.

This is a socially unfair economy at best, and at worst will generate inequality as social cliques will continue to preserve and enrich themselves and "the people they know". If we're going to move more toward social and economic fairness this isn't the direction to go.

I'm comfortable knowing that Whole Foods takes dollars rather than Klout points or retweets. That way anyone who can make a dollar can eat and not worry about starving because they failed to impress some arbiter of social currency. Reputations aren't fungible hence they are flawed as a just economic currency.