1. A 16-character password has 128 bits.
2. A 128-bit password takes 2^128 guesses.
3. The GTX 1080Ti does 8.5 billion guesses per second.
4. WolframAlpha tells me that $ \frac{2^128}{8.5 \cdot 10^9} $ seconds are $ 1.269 \cdot 10^21 $ years.
So, am I wrong, or did Palant, when he said passwords would take seconds to crack, assume passwords would be significantly shorter?
EDIT: Assuming a 16-bit all ascii lower case password, it’d still be 80 bits, which, given assumption 3, would still result in 4.51 million years, according to WolframAlpha.