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you can overwrite people's keyphrases, and when you hit "back" to the main page the captcha thing isn't visible.

also captchas suck.

I know, I hate captchas myself, but I don't want spammers to hammer the server with porn sites or anything like that.

tinyurl doesn't have a captcha.

neither does comments or account creation on YC.

I removed it, I understand now - it's better to wait until entirely too much spam arrives before implementing CAPTCHAs.