On my Mac, it's just "md5". There's no "flaw" in a 128 bit random password. You use the word "weaker" as if to mean "not unbreakable", though "unbreakable" is what it is.
You're assuming a limit on password length won't apply. In that case, I may as well print it in binary and just have 0 and 1 ASCII characters in my password.