Email Stamps to Solve Spam
adam.blog.heroku.com
adam.blog.heroku.com
One of the biggest reasons is that you can already get 99% of this effect for free today. There are a number of services and options where any email that comes from an unknown sender is quarantined by a system, which sends an email to the unknown sender. This email contains some instructions, perhaps to click a link, or solve a simple math problem, or some other such gating factor that makes it near impossible for the common spammer to invest the effort to circumvent the system in any reliable way.
http://www.ops.ietf.org/lists/namedroppers/namedroppers.2003...
I imagine the author would be even more outraged if he had to pay 5cents multiple times to get past a poorly implemented spam block.
This approach has rather high false positive rate, i.e. it ends up filtering out something that's not spam. Lots of people loathe callback requests and never bother following up on them. This has little to do with how hard/simple the challenge is, and a lot with the fact that the recipient considers it OK to offload his mail handling headaches onto everyone else.
That's not to mention that this approach basically doubles the volume of spam traffic because From headers are routinely forged.