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Although I'm not defending the app, at the least some measures have been taken against complete and total abuse that OP really should have included for the sake of a fair discussion that didn't just bank on outrage to spark a conversation:

"Positive ratings post immediately; negative ratings are queued in a private inbox for 48 hours in case of disputes. If you haven’t registered for the site, and thus can’t contest those negative ratings, your profile only shows positive reviews.

On top of that, Peeple has outlawed a laundry list of bad behaviors, including profanity, sexism and mention of private health conditions.

'As two empathetic, female entrepreneurs in the tech space, we want to spread love and positivity,” Cordray stressed. “We want to operate with thoughtfulness.'"

Further on in the article:

"That windy path is possible for Peeple too, Cordray says: True to her site’s radical philosophy, she has promised to take any and all criticism as feedback. If beta testers demand an opt-out feature, she’ll delay the launch date and add that in. If users feel uncomfortable rating friends and partners, maybe Peeple will professionalize: think Yelp meets LinkedIn. Right now, it’s Yelp for all parts of your life; that’s at least how Cordray hypes it on YouTube, where she’s publishing a reality Web series about the app’s process."

And of course, any inaccurate content can be reported.

That doesn't mean I think this is okay, but people clearly not reading the article has led to a lot of conclusions that will actually be more difficult to pull off. Granted, nothing is stopping somebody from giving somebody else a "positive" rating and then slandering them with the actual words, damage done until something happens with a report, and that's the biggest potential abuse I see here with the app in the current proposed form. It isn't as if somebody can just go in and start giving people 0's, calling them a slut, loser, bitch, etc..