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Is the following key stretching algorithm as memory hard as I think it is?

I'm having some fun designing a key stretching algorithm that can be implemented in pure Python. It's built entirely out of the standard library's hash functions in an attempt to at least wrest some ...
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Can iterated key expansion in Blowfish slow down bruteforce attacks on small key sizes?

Suppose I have to use 64-bit keys for encryption (e.g. to comply with export restrictions). For this question, assume this key is truly random, and the encryption algorithm is Blowfish. Blowfish key ...