Since it's not long to the release of HoW and we get all this new gear from the DLC so I was wondering - should I start storing all of my Legendary and Exotic Engrams on my Vault and Encrypt them when the DLC is released?
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HELL YES! Don't be stupid. Other people are correct to say that you won't get new gear from old engrams. The benefit to storing them is to rank up with the cryptarch really fast, and get new packages, which have a chance to give you new gear.