The OPs soln makes sense for an intranet application with a small-ish user base (e.g. an internal app used by startup personnel) In this case, the likelihood of threat models like brute-force attacks, XSS, etc are all dwarfed by other threat models (social, physical, etc). I think it's a good compromise; and at least they aren't storing passwords in the clear, and picked a good hash function! These are really low-hanging fruit and you'd be surprised how often even this goes wrong.
In any event, I also believe there is a generally better approach to auth that avoids a lot of the complexity of traditional approaches. It's speculative, but see my other comment in this thread: https://news.ycombinator.com/item?id=22157951
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The OPs soln makes sense for an intranet application with a small-ish user base (e.g. an internal app used by startup personnel) In this case, the likelihood of threat models like brute-force attacks, XSS, etc are all dwarfed by other threat models (social, physical, etc). I think it's a good compromise; and at least they aren't storing passwords in the clear, and picked a good hash function! These are really low-hanging fruit and you'd be surprised how often even this goes wrong.
In any event, I also believe there is a generally better approach to auth that avoids a lot of the complexity of traditional approaches. It's speculative, but see my other comment in this thread: https://news.ycombinator.com/item?id=22157951