I just spent some time reading https://stackoverflow.com/questions/2768248/is-md5-really-that-bad (I highly recommend!).
In it, it talks about hash collisions. Maybe I’m missing something here, but can’t you just encrypt your password using, say, MD5 and then, say, SHA-1 (or any other, doesn’t matter.) Wouldn’t this increase the processing power required to brute-force the hash and reduce the possibility of collision?
You are talking about 2 distinct (although related) problems. First is the likely-hood of a collision, and the second is the ability to run the algorithm on tons of values to find the original value which created the hash.
(1/2^128) + (1/2^128)or1/2^127