Nothing happens when you rack up points, they are just a measure of how active of a member you are.
Yes, making posts in your blog DOES earn you member points. As does things like making forum posts.
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Points usually never supposed to represent anything in a forum system, unless you use it in a shop system that is integrated, but typically points are there just to show how active one is on a site.
i made *this* meaningless post - but it'll increase my member points.
See why they should not be rewarded?
What happens as you rack up member points? Does using the your chess.com blog earn you points?