There's a major difference thinking it's okay to store all of the user's passwords on your site with a SHA-512 of the password vs using bcrypt/scrypt/pbkdf2 etc

There's a major difference thinking it's okay to store all of the user's passwords on your site with a SHA-512 of the password vs using bcrypt/scrypt/pbkdf2 etc with a high work factor. One is just ignorant and the other is following modern practices and continually updating the work factor to address advances in computing power. When was bcrypt or pbkdf2 made obsolete as a algorithm?