Not quite. Systems differ on how the value signal is created and transferred.
When I upvote you on lesswrong I create a new bit of karma and give that to you. I could sneakily go through all someone's old posts and upvote them all, in order to artificially inflate their karma (if it was important people would do this, they would also increase their post count subtly so that they could get more different things to upvote).
In the system I am describing there would be limited numbers of posts (as in positions in government, rather than posts on a message board) that you can get UoPs for serving on.
There is also not much you can spend karma on, so there is not much incentive to game the system. In a system where you need UoPs to get a post, there would be a lot of incentive, so the karma system would need to be robust to cheating.
Also I can't give you some of my karma. It does not form a currency, which would be needed for governance with it.
You are now in control of a habitat on the moon. It has no ties to any government; its creation was funded by a wealthy philanthropist who just wants people to emigrate from Earth. The cost of doing so is within the reach of a middle-class family if they sell their home; you can therefore expect a decent number of immigrants.
What sort of government do you establish? How do you go about ruling so that your new settlement on the moon will survive and thrive?