The nuisance of Captcha is a common cause for complaint. I haven't had anything but either a 'post a reply' loop or an error message in place of the image and box for about 24 hours. I'm trying to keep things short and quick, no quotes, so it doesn't get set off.
Yet, spammers be spamming. There's obviously a problem with a system that stops sincere members from posting, but lets spammers spam.
Would it be possible to drop post-captcha and instead more thoroughly check out new members? I just started a registration, and see there's a captcha there. Perhaps also require a few words from the applicant as to why they want to join, to double check their humanness? A question based on basic reading comprehension - 'Jane has two apples. Liz has three apples. In word form, how many apples do they have together?' kind of thing.
(I'm just stealing securty things I've seen on other forums I've signed up to, where the anti-spam checks were front-loaded at registration rather than throughout the site)
Perhaps with more restrictions on what can/can't be posted until after x number of posts?
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Of course, it's probably quite a bit more complicated than that.
You know sometimes, between the dames and the horses, I don't even know why I put my hat on.