I have registered for accounts at hundreds of Websites. This is the first time that I failed at my first twelve attempts. It is frustrating and insulting to be rejected because of an indecipherable CAPTCHA, and to be barred after three or four unsuccessful attempts. I wish I had kept screen shots to demonstrate.
Yes, I realize you need to protect yourselves. But there has to be a better way.
Is the second character '6' or 'G'? Is the last character '5' or 'S'?
When only the bots can guess the CAPTCHA, I think we're pretty much reached the limit. Use the Google reCAPTHCA, they seem to have figured it out.