I have a long answer, but the summary is: your system does not get rid of the bad users, but only delayed them from doing harm.
...can't be "played"
Giving and taking Mojo is supposed to be an act on the level of marking someone as a friend or as an enemy.
I want them to use it to influence how other people behave on site.
The only way to see if your system is secure is to be evil and game it. Stackoverflow is full of nice people, but for this question to be answered, its best to think evil thoughts.
/me wears goatee
To create an account you need one Mojo. Without it you can only answer other people's comments.
Hi, I'm MrValdez. I'm a nice guy. Here's some friendly answers to your comments.
When you have an account, you get one Mojo a day.
You can give one Mojo to someone who has less, but only once to each person.
Hey, this is a cool site. I'll invite my friends over.
/me creates dummy accounts and give them Mojo.
Hey, here's a blog post. What do you guys think?
/me logins into dummy accounts and post like crazy.
You can only post as many posts and comments as you have Mojo.
You can answer as many comments as you like.
You can't have your Mojo back.
Via a post or private message: Awww man, I'm out of Mojo. Hey guys, can you give me some so I can answer [dummy account #1]'s post? His post is awesome and I got a great response which I think he'll enjoy.
"Post of the Day" or "Favorite Blog of the Week" contests with prizes of around 3-10 Mojo.
I'll make a post and have my dummies vote me.
10 days later, I would have mojo = (number of dummy accounts) * 10 + (Number of users fooled into giving me Mojo).
/me gives the Mojo to dummy account who goes into a flaming spree. /me washes hands of the deed.
What happens next depends on your current community. They could start flaming back or they could ignore me and my dummies until we go away.
The worst case is that they will fight back and all of your planing and system would go to waste.
The best case is that they would be mature enough not to entertain the bad guy. BUT, if your current community is mature enough, why would you still need such a complicated system to encourage people to be nice?
I recommend that you should spend time building the community. In my opinion, if you want a good community, you should spend more time with the community and helping set the tone for the rest to follow.
Case-in-point: StackOverflow started with a community of programmers who are genuinely interested in helping other people. We got a great sense of community because we all have the same interest. We know the top users won't abuse their moderator's power because we explicitly gave them our trust over a long period of time (in contrast with your system where time and trickery are used to rank a person's status). And finally, the developers of the site actually posts questions and answers as well as "talk" to us via a weekly podcast.
As a (pretend) bad guy, I don't have the heart or the resources to destroy such a tight community.
updates:
To avoid having people create multiple accounts to boost their main account you can only give Mojo to people with less Mojo (and each user can only give another user Mojo once).
Same problem. I'll just have the main account give Mojo to the dummy accounts until I get almost even Mojo across the different accounts. In addition, that rule can be easily circumvent by making more dummy accounts.
The scoring on "Post of the day" type of things is something I have yet to work on.
If you want us to comment on the scoring, update your post and we'll update our answers. But my opinion still haven't changed, you're just applying band-aid to the wrong problem.
Other posters have mentioned that your system encourages idle accounts. From the point of view of a bad guy, I wouldn't want to have an idle account. I would want to get as many account recognized by the community as a legitimate account. This would cause more damage when I finally decide to attack.