Yes, micini, after you have posted 50 photos you must delete some of them in order to post new ones. You should choose the photos with the least pats as these pats will be lost when you delete the old photos for the new photos.
I´m not sure what you mean by exchanging points. If you mean can you buy more space for photos with points, the answer is no. If you think this is a good idea, you could write directly to Admin with your suggestion or any mod would be pleased to contact Admin on your behalf. 