Comment by crabbone

Mmm... no? StackOverflow is powered by voting. Not all forums work like that (it was a questionable choice at the time StackOverflow started).

I've been a moderator on a couple of ForumBB kind of forums and the idea of karma points was often brought up in moderator meetings. Those with more experience in this field would usually try to dissuade the less experienced mods from implementing any karma system.

Moderators used to have ways of promoting specific posts. In the context of ForumBB you had a way to mark a thread as important or to make it sticky. Also, a post by a moderator would stand out (or could be made to stand out), so that other forum users would know if someone speaks from a position of experience / authority or is this yet to be determined.

Social media went increasingly in the direction of automating moderator's work by extracting that information from the users... but this is definitely not the only (and probably not the best) way of approaching this problem. Moderators are just harder to make and are more expensive to keep.