http://www.wired.com/threatlevel/2009/07/game-the-creditmarket/
Old versions of Novell Netware would only store the last 8 passwords. So to reuse the same password you just made up 8 passwords and then on the ninth attempt you just re-entered your old password. Some systems have a “minimum” time to change passwords to help thwart this kind of thing from happening.
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