Let's say a newbie comes along who is actually 100 times better than any of us. What then? According to your system, it will take him three years to catch up, but he'll just tell us to go away with this rating and go to another resource, and we'll lose a great player. Ley was right about all of this.

N - the number of games played. Is this for this specific tournament for which the rating is currently being calculated, or for ALL games during the entire period that this player has been on this forum? I think it's only for this tournament, for which the rating is being calculated. Then it might work. Without mathematicians who could analyze the formula, we can't say anything definitive here. Take this formula and calculate the rating for some past online tournament, and then we'll see what emerges and what problems might arise.