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Captcha doesn't really work. Either the spammers develop software that can handle them, or they employ cheap third-world labour to process them.
Anything that limits initial posting or makes signing up harder restricts sign-ups from actual potential posters, which is something that the Admins are keen to avoid.
So there's a balance act between making it harder for spammers, and making it too hard for people who legitimately want to sign up...
In practice. the spammers really aren't that huge a problem. They post, someone reports it, and the post is removed and the account and associated IP address nuked.
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