My CD collection started back in the mid 80's. At that time, I may have been using a "high speed" 900 baud modem to connect to a few BBS to chat about Dungeons and Dragons or how to hack the public pay phones.
The problem with FLAC is that I am not able to consistently stream to any device across a wide range of different performing internet connections or mobile services. So, while FLAC is perfect for archiving, I still have to convert to a lossy format so that I can stream my music collection away from home. And while storage may be relatively inexpensive, and the ripping time has improved over the years, it's still far from free, and it takes more time and effort than I would like.
Since I have never been able to hear a difference between any lossless format and a properly encoded mp3 file, I decided to skip the step of archiving in a lossless format and simply use the CD itself as the archived data.
Now I can spend the money on storage and a reliable backup system on other things, including additional music. The format I have chosen allows me to upload my music to Google Music, without having to worry about Google transcoding my files. The files appear exactly as I had ripped them. And using Google Music has an advantage over iTunes in that I am able to play all of my collection on either an iOS or Android device, as well as any computer with access to the internet.
Another benefit of the self-discovery with regards to lossy formats is that I'm now able to thoroughly enjoy music subscription services with confidence, such as MOG or Spotify that use higher quality streaming formats on all of my devices. This effectively increased my music collection by leaps and bounds. Now I only purchase CDs when I cannot find the music on a subscription service, such as artists that are holding out on joining the modern era or certain versions like the Beatles' mono collection.
In the beginning, I would challenge any anomaly I heard in my mp3 files. Over time, and probably what has been hundreds of false alarms, I've finally settled on the premise that I simply am unable to distinguish any difference at all. On some rare occasions I have found a poorly encoded track or album on Spotify or MOG, but for the most part, if I can hear it in the lossy format, it is basically how it was recorded or mastered, and I'll hear the same thing on the CD.