What's wrong with storing passwords encrypted with a key you know but don't store the key on the server? Yes, the attacker could read the key out of the runnin

What's wrong with storing passwords encrypted with a key you know but don't store the key on the server? Yes, the attacker could read the key out of the running server, but that requires way more sophistication than just dumping a database. You could still send plain text password to people, if that's how you roll (I don't!) and the implementation is rather straightforward.