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    Yes, But, truncating or folding the hash result will cause it to loose quality both in terms of security and distribution. Commented Aug 25, 2009 at 4:59
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    If the hash is good (if it's a suitable approximation to an ideal hash), then when you truncate it it will remain equally well-distributed, and won't lose any security except what's due to the reduced keyspace. Commented Aug 25, 2009 at 6:05