Karma is like merit. In altcoin if your post is good and quality done then you can get karma. Karma is paid by senior members and all members above. If your post is informative and good then those who like the post can give you karma if they want. On the other hand if your post is not good then you can get negative karma. As a result, your post may not be as good or get the information they want. Before posting, we should all look at the quality of the post to see how much relevant information we can include in the post and whether it is related to the content of the post.
It is indeed similar to merit system on bitcointalk. I think karma is a combination of merit system and trust system of btt where -karma id given to those who post scam/ponzi scheme posts although as far as I remember that karma is not required to rank up.