The support.ntp.org site says this about virtualization:

“NTP server was not designed to run inside of a virtual machine. It
requires a high resolution system clock, with response times to clock
interrupts that are serviced with a high level of accuracy.”

<http://support.ntp.org/bin/view/Support/KnownOsIssues#Section_9.2.2.>

However, following discussions on this list, there appear to be
pool.ntp.org instances on Amazon EC2.

Do the restrictions on virtualization still apply?  I'm pretty sure a
properly configured KVM host and guest (for example) today has a much
better hardware clock than most things that were available in the 90s,
and people were running time servers even back then (even on PCs).
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