Reasoning about agent preferences on a set of alternatives, and the aggregation of such preferences into some social ranking is a fundamental issue in reasoning about uncertainty and multi-agent systems. When the set of agents and the set of alternatives coincide, we get the so-called reputation systems setting. Famous types of reputation systems include page ranking in the context of search engines and traders ranking in the context of e-commerce. In this paper we present the first axiomatic study of reputation systems. We present three basic postulates that the desired/aggregated social ranking should satisfy and prove an impossibility theorem showing that no appropriate social ranking, satisfying all requirements, exists. Then we show that by relaxing any of these requirements an appropriate social ranking can be found. We first study reputation systems with (only) positive feedbacks. This setting refers to systems where agents' votes are interpreted as indications for the imp...