Converting cd's to high resolution audio

Personally, I wouldn't undergo such a massive project (converting CDs to files) unless the end-product was being saved to the cloud.
Might consider saving to hard drives but would have triple-redundancy and an off-site location (safe deposit box?) for safe keeping.
BTW, I've heard there are services that will do the conversion for you if you've got the dough...

@dweller 
That is EXACTLY what you do with the Vault.
I has built in 2tb hard drive, then you just do a back up to another external hard drive via usb connection. And another if you need to be super anal about it.....lol.
I have 2 backups and feel pretty good about the data being safe.

Another way is to use dBpoweramp to rip CD's onto your computer or external hard drive. dB converts the rip directly to FLAC, WAV, AIFF or mp3.

What I do is rip 16/44.1 cd's directly to wav. For online purchases, I download flac files to my internal computer hard drive, do the meta data editing in dBpoweramp and then copy the edited flac file to my Aurender internal storage. Then I use dBpoweramp to convert the flac file to wav on the Aurender drive. The flac files are saved as backup on the computer hard drive compressed so as to save space.

I will probably use Exact Audio Copy to rip my small collection into flac files And copy it to an extra Hard drive and Google Drive. 
I can use My computer with an usb dac or possibly try to build a Hifiberry with spdif output.

I read about the Blue Sound Music Vault 2, which allows for ripping without a computer, but not sure if it is a good idea to rip 500 cd's to the vault as was advised that ripping is very tough on the internal parts of the music vault. Is there another way to rip cd's and then put into the vault. Or is there another competitive product that can be recommended. I saw the Aurelander 10 music system, but it is over $5000.00 and over my budget.  Last question, can the Blue Sound Vault 2 work with my two channel system?  This is critical to me, don't cared about music throughout the house, just want my cd's to outlast me so I can listen to them. My reason to convert my cd's is the possibility that the cd's themselves will go bad as well as the fact that
cd players seem to be going out of style and Sony for example is not manufacturing them any more. Don't want to lose all my accumulated music.  Thanks.