I know this question is not going to help anyone, but I am curious. As far as I know, hard links will not break when a file is deleted. Because the file will remain to exist. But what happens when you mount a file system to /mnt (or /media for that matter), create a hard link to a file on that volume, unmount the volume, and then try to open the hard link?
I know it very easy to try and see it for myself, but I got into some pretty serious problems (read: loss of entire C drive) by messing with the internal workings of files in Windows (protip: do not encrypt the key of an encrypted file using that file as its key), and I know that Ubuntu is not Windows (duh) but I don't really want to have that happen to me again. And I know that this doesn't have much to do with encryption, but still.