Does liking someones post do anything? From my observations it does nothing.
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It puts the thread into your favorites section to find easier and it contributes to adding the thread into the highest rated section.
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it sends them a message that you liked their post and it affects the post's position in the thread i think (if you have cmment sort set to popular). plus i think it pushes the thread up on the 'highest rated' tab.
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A little icon comes up on the post saying someones liked it? Apart from that, nothing.