Specifically ntp.conf is /etc . If you don't reference an external time server how are you going to get a reliable time source?
Your own chip can have very bad drift meaning that the time can gain or lose minutes per day. Another factor with chips is that the drift varies according to the temperature. So all in all you cannot maintain an accurate time without referencing an accurate time source. For more info on this subject read about ntp at pool.ntp.org.
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