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So, on the January Frontier Contest thread, there was a lot of talk about negative points and going into service and cheating...

Can someone better explain?

Negative points means you have less then 0 points,. I'm not sure about the going into service but I think that mean's that Endmaster has control over you because you betted and went into the negatives.

Although I am not participating, from what I understand, each entry requires the user to give up a certain quantity of points (let's set an example of 30). Assuming you only have 20 points, you should end up with -10 points. But in your profile page, no negative points can appear, so it seems as if you had only 0 points. In reality, you do have -10 points, and you'd have to earn 11 in order to get 1 positive point in your profile.

I can agree with this statement. I went through something similar to this negative points thing and I can confirm that this is in fact true.