As opposed to insecure SHA 256 hashing? Anyway, if you don't use a nonce per use...

		Confusion on April 23, 2009 \| parent \| context \| favorite \| on: Ask HN: Which login method do you use? As opposed to insecure SHA 256 hashing? Anyway, if you don't use a nonce per user or a time consuming hashing method, then all tptacek's comments apply. His link in http://news.ycombinator.com/item?id=576021 is worth your time.