Automatic reputation or manual reputation system? Say some oracles decided Trump won the election when Biden clearly is the president at this very moment. Do they automatically lose reputation or do people have to manually see that and take action.
If it's the latter.... woof. Good luck! I think we all know people are apathetic at the best of times.
It's based on who wins the market and which oracles chose incorrectly. You get +1 rep for choosing correctly, and -10 rep for incorrect.