Same REP system as before, maybe?
The reputation system was going up before, as well. When you get upvotes, then you get more points which increases your REP through a math formula. Each level is harder than the previous level in the REP system. So, for example, it may take 1,000 points to go from 50 REP to 51 REP. Your REP and my REP are both at 51 right now.
Harder & Harder to Level Up
So, say, going from 51 REP to 52 REP may take 2,000 points. And 52 to 53, maybe 4,000 points, for example. It keeps getting harder, bigger, tougher, to level up, and upvotes increases REP, indirectly. So, if you upvote your own posts, comments, then that boosts your REP. So, the more SP you have, the more voting power you have which raises your REP even more, even faster, it seems, when you self upvote.
SP & RC
SP is Steem Power. So, SP helps with voting power, but Resource Credits (RC) is a price unit for doing things on Steem. But more SP gives you more RC and more SP can help you upvote yourself more to improve your REP. So, SP is at the center of RC and REP.
Yeah!
But if you have much money, you can buy upvotes from upvote bots and increase your REP very quickly.
So, its like buying our REP. The meaning itself reputation is no longer that much of value because it can be bought.
Is a billionaire not valuable because he bought up his value, right?
Maybe.
Billionaires with the same amount of resources/money may have different reputation. Some billionaires are planning to help those in need and some may help but those their fellow billionaires to gain more, giving and sharing themselves, enjoying themselves while others are suffering.
But, its their choice and we have to respect its other, poor or rich.