It is not safe to enter your master password on a random website like password.ly. The risk is simply too high that it gets hacked someday and your master password will fall.<p>That it is not stored in a database is only a small advantage. If whoever controls password.ly wants to have all passwords, she could do so whenever she wants, a matter of a simple extra request. It could even be hidden in the params of any link on password.ly (to prevent you from noticing the extra request).<p>And that reveals the second big problem with this: The master password is basically every password. If it falls in the wrong hands you are worse off than you would be if you have a small set of passwords, which isn't a highly recommended strategy in itself.<p>But the idea itself isn't too bad, if you would instead of using password.ly use a terminal bcrypt command to bcrypt your password+sitename it would be very decent indeed.<p>The only way sites like this could be safe to use is if there would be a code-signing standard for the web.<p>edit: This service actually sends your password to their service! At first I thought it was an innocuous enough javascript password generator, but this is so stupid it borders on malice..