Earlier quoted context omitted.
I didn't do the math but it sounds right. But suppose tomorrow it takes 10ms. Also, tomorrow, available spaces will increase, so the likelihood of a space vs time tradeoff (even partial) increases WEP was considered "good enough" at first (even though it had obvious problems at first like key size), WAP was considered unbreakable at first, today it's feasible with cloud computing or GPUs. And then we'll be complainin…
The time bcrypt takes is configurable, so in the future you can adjust the amount of work per password -- this is literally a one-character change in your code -- and be alright again. Ditto for the rest of the decent password hashing schemes.
Sure, you can increase the work, but you'll still be limited by bcrypt size
Otherwise, you could just MD5 hash stuff X times and be done with it
Sure, bcrypt today is very safe, but I wouldn't be surprised if attacks are found today (even if they rely only on bruteforce)
And let's not forget implementation issues that may happen in specific bcrypt libraries