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Post karma is basically like the "like" system here at WF. People can downvote your post if they don't like it or upvote it if they "like" it. Upvoting something I think puts it higher in the thread.
Right. I'm still figuring it out as well since I recently started really using reddit. Just be mindful that you can't ask people to upvote or you can get in trouble with the mods.
Alot of the stuff i post ends up getting rejected. Not through being spam, but the places i post my stuff always seem to be the wrong place for them lol, although i do check and they seem find when im doing it.