MD5 is only one way.  It cannot be reversed...However, it has been
"cracked" and is considered insecure by itself.

Why? Rainbow tables have billions of hashes. They contain any and
every password combination you can come up with. All an attacker has
to do is take an MD5 hash and compare it to what's in a rainbow table
- and that table will show you the original value (a password).

Here's a great analogy I learned:
You're a chef and you make spaghetti and sauce. You serve the meal to
5 people. Those 5 people then add salt to their spaghetti.  No matter
how hard you try, you will never re-create their modification to the
meal. You don't know how much or how little they put on.

Hope that kinda clears things up :)

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