The Minimum Circuit Size Problem (MCSP) is: given the truth table of a Boolean function f and a size parameter k, is the circuit complexity of f at most k? This is the definitive problem of circuit synthesis, and it has been studied since the 1950s. Unlike many problems of its kind, MCSP is not known to be NP-hard, yet an efficient algorithm for this problem also seems very unlikely: for example, MCSP in P would imply there are no pseudorandom functions. Although most NP-complete problems are complete under strong "local" reduction notions such as poly-logarithmic time projections, we show that MCSP is provably not NP-hard under O(n^(1/2-epsilon))-time projections, for every epsilon > 0. We prove that the NP-hardness of MCSP under (logtime...