I hadn`t really heard much of the DNG & PNG formats, but sounds like they can less compatible with different software and similar to TIFF.
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.DNG is Adobe's open-source answer to the proprietary raw format issue. Instead of all the different manufacturers cameras making .NEFs, .CRWs, .CR2s, etc., the idea is to create one raw format that everyone can use. (Kinda like their .PDF format for documents). Problem is, it hasn't taken root as they planned.
And now that they've shown a propensity to charge everyone a monthly fee to use their most popular software, I simply wouldn't trust them by converting all my files to DNG. There's just no telling what kind of surprise they might have in store for everyone on that someday in the future. No thanks Adobe. It's not that I no longer trust you... Oh, wait... Yes it is.
That said, you know, most of us have read or heard the cautions many times that the "X" image file format may not be readable in the future, and so we should convert our files to the "Y" format instead, but I don't recall it ever actually happening in the 30+ or so years that I've been making and storing image files with computers. But maybe someone else can think of an image file format that can no longer be opened, read, converted, edited, etc. - as an example...
As for the space some of the larger formats take up, also used as a popular excuse not to save them, storage is cheaper all the time - ridiculously cheap. I've got 14 TB of hard drive space here currently, with plenty of room to keep redundant storage of every raw file, JPG and even multi-layered PSD file that I worked hard on and wouldn't want to recreate but MIGHT want to further tweak in the future, all on separate drives, plus off-site drives that get swapped out periodically, plus unlimited backup storage online.
My current plan is to replace the next 1 TB drive that crashes with a 3 TB drive, and so on, because they really are that cheap. And if they go up to 4 or 5 or 6 or even 10 TB drives before the next one crashes, and are still inexpensive, I'll go with that instead of the 3 TB drives that are currently readily available without spending all that much.
I consider such excuses for why larger formats like the RAW that comes out of the camera shouldn't be used for storage pretty laughable, especially for anyone serious about their images. To me, it's like telling film photographers to burn their slides and negatives after they've made a print from them, because the slides and negatives take up space, and you never know if scanners or enlargers and photo paper, or even old school slide copiers will be available in the future (insert appropriate gasp here).
So i guess my primary 2 questions are
1. Is it worth converting my current JPEGS to TIFF, i know it will not up the quality of the image, but is it worth to preserve the quality of the files ?
I don't see any advantage whatsoever to converting JPGs to TIFs.
2. When i get a RAW capable camera should i then save photos in TIFF format to prevent both immediate loss and future loss of quality ?
It's up to you, but I don't see an advantage to that either. I take my storage and ability to keep the best quality for my images very seriously, and I wouldn't personally convert them all to TIF files. For my money, it just doesn't get better than the RAW files that come out of my camera. They provide
THE most flexibility and quality I can possibly get out of my cameras, so that's THE main base file I make sure to hang onto and make LOTS of redundant copies of.
Even if the loss with JPEG is minimal, i would rather get and keep the best possible image as file storage space is not an issue.
There's no loss with JPG once they are JPG, unless you edit or "Save As" on them which then re-assesses and re-compresses them.
It's a little like putting something on a copy machine and then putting the resulting copy on the copy machine, then putting THAT resulting copy on the copy machine, and so forth. With each copy of a copy of a copy, the image quality gets worse. But if you take the original and make 4000 copies from it, they're all the same. The answer then is to keep your original intact. You can copy that original file to a 1000 hard drives or online storage without any image degradation. The 1's and 0's stay what they are, unless you edit them along the way. Then, if you do what to make an edit to it, make a copy of the file, and edit that instead. The golden rule is to ALWAYS keep your original intact, and only work on copies.
Unlike the copy machine scenario described above however, the original print that you put on the copy machine WILL degrade over time, whereas the original file of 1's and 0's won't. It may become corrupt for one reason or another, usually because the media it's on is failing. But that's why you make and maintain redundant copies - so that you've always got an uncorrupted backup.