This actually brings up a good point, what (if any) kind of policing is there going to be on this? In order for it to be a valid system, there should be some way to confirm, so that certain people don't go around adding cheat points to people they just don't like, even if that person isn't a cheater.
Maybe make the poster accountable... if they give a cheat point, add them to a viewable list of people who made the cheat point. That way they are displayed and accountable, instead of just sitting back and judging people without being called out themselves.
Just a thought, otherwise this system could go downhill really fast...