Hi!
Thanks for you input. I think you got most of it right, being the important bit the three post as minimum requirement for the captcha to go away.
I guess there arent' a lot of users that will actually use the board a few times or even become active users and see that captcha more than a handful of occurences.
For those that register, only use search or like yourself, make several intermediate operations like editing posts, you might see it a few more times.
As for the captcha itself - I obviously don't use it much, but tested it a lot before implementation, even on mobile devices - but I think it's easy solve, though not as fast as typing a pair of words.
But still, I think the outcome is positive. This site is not on a dedicated server and resources are limited. Spam attacks were the main cause for several serious performance issues the site had in the past and it's something I would like to avoid if possible.
Have fun!