If you set your logins/hour limit higher than the actual logins/hour, your scheme does nothing except smooth some peaks by forcing people to wait. If you set it

If you set your logins/hour limit higher than the actual logins/hour, your scheme does nothing except smooth some peaks by forcing people to wait. If you set it lower, there will always be (a growing number of) people waiting to log in. In either case, you annoy real users and spammers to the same degree.