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CAPTCHA is more than a catchy name, it's an acronym - Completely Automated Public Turing test to tell Computers and Humans Apart. But in practical terms, CAPTCHAs are often Consistently Annoying, and Prevent The Conversion from Happening A-Lot. One study by Stanford University (link opens as PDF) found 3 human users agreed on the "translation" of the CAPTCHA only 71% of the time. Overall success rates were ~85% on average.