diff --git a/docs/MONETIZATION.md b/docs/MONETIZATION.md
index 5e32a3b..7408e2d 100644
--- a/docs/MONETIZATION.md
+++ b/docs/MONETIZATION.md
@@ -42,7 +42,7 @@
 - Keine externe Abhängigkeit, keine Lizenzkosten
 - Client löst SHA256-Challenge (Difficulty 4, ~1-3 Sek)
 - Bei Account-Erstellung (immer)
-- Bei Anzeigen-Erstellung (immer)
+- Bei Anzeigen-Erstellung (nur neue Accounts ohne bisherige Listings)
 - Bei Login (nur nach 3+ Fehlversuchen)
 - Implementierung: `js/services/pow-captcha.js`, `js/components/pow-captcha.js`
 
diff --git a/js/components/pages/page-create.js b/js/components/pages/page-create.js
index dc4fd40..57c7d51 100644
--- a/js/components/pages/page-create.js
+++ b/js/components/pages/page-create.js
@@ -28,6 +28,7 @@ class PageCreate extends HTMLElement {
         this.imagePreviews = []
         this.categories = []
         this.submitting = false
+        this.isNewAccount = true
     }
 
     loadDraft() {
@@ -60,28 +61,56 @@ class PageCreate extends HTMLElement {
 
         this.hasDraft = !!localStorage.getItem(STORAGE_KEY)
         await this.loadCategories()
+        await this.checkAccountStatus()
         this.render()
         this.unsubscribe = i18n.subscribe(() => this.render())
     }
 
+    async checkAccountStatus() {
+        try {
+            // Check if user has any published listings
+            const user = await auth.getUser()
+            if (user?.id) {
+                const listings = await directus.get('/items/listings', {
+                    filter: { user_created: { _eq: user.id } },
+                    limit: 1
+                })
+                this.isNewAccount = !listings.data || listings.data.length === 0
+            }
+        } catch (e) {
+            // Default to new account (show captcha)
+            this.isNewAccount = true
+        }
+    }
+
     showLoginRequired() {
+        // Show login modal directly
+        const authModal = document.querySelector('auth-modal')
+        if (authModal) {
+            authModal.show('login')
+            authModal.addEventListener('login', async () => {
+                // After login, load the create page
+                this.hasDraft = !!localStorage.getItem(STORAGE_KEY)
+                await this.loadCategories()
+                this.render()
+                this.unsubscribe = i18n.subscribe(() => this.render())
+            }, { once: true })
+            authModal.addEventListener('close', () => {
+                // If closed without login, go back
+                if (!auth.isLoggedIn()) {
+                    router.back()
+                }
+            }, { once: true })
+        }
+
+        // Show minimal loading state while modal is open
         this.innerHTML = /* html */`
             <div class="create-page">
                 <div class="login-required">
-                    <h2>${t('auth.loginRequired')}</h2>
-                    <button class="btn btn-primary btn-lg" id="login-btn">${t('auth.login')}</button>
+                    <p>${t('auth.loginRequired')}</p>
                 </div>
             </div>
         `
-        this.querySelector('#login-btn')?.addEventListener('click', () => {
-            const authModal = document.querySelector('auth-modal')
-            if (authModal) {
-                authModal.show('login')
-                authModal.addEventListener('login', () => {
-                    this.connectedCallback()
-                }, { once: true })
-            }
-        })
     }
 
     async loadCategories() {
@@ -249,9 +278,11 @@ class PageCreate extends HTMLElement {
                         <p class="field-hint">${t('create.moneroHint')}</p>
                     </div>
 
-                    <div class="form-group">
-                        <pow-captcha id="pow-captcha"></pow-captcha>
-                    </div>
+                    ${this.isNewAccount ? `
+                        <div class="form-group">
+                            <pow-captcha id="pow-captcha"></pow-captcha>
+                        </div>
+                    ` : ''}
                     
                     <div class="form-actions">
                         <button type="button" class="btn btn-outline btn-lg" id="cancel-btn">
@@ -386,11 +417,13 @@ class PageCreate extends HTMLElement {
         
         if (this.submitting) return
 
-        // Validate PoW Captcha
-        const captcha = this.querySelector('#pow-captcha')
-        if (!captcha?.isSolved()) {
-            this.showError(t('captcha.error'))
-            return
+        // Validate PoW Captcha (only for new accounts)
+        if (this.isNewAccount) {
+            const captcha = this.querySelector('#pow-captcha')
+            if (!captcha?.isSolved()) {
+                this.showError(t('captcha.error'))
+                return
+            }
         }
         
         // Validate Monero address