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Cogent's pricing is below what most providers want to charge, which works against them when they want to set up peering (which is the "lifeblood" of the internet, for so-called "tier 1" providers). Cogent recently lost the AOL peering (as stated above), which has only recently shifted over to MFN/AboveNet (the latency was 3000+ms for how many days? like 15? 30?) i would be unsurprised if AOL eventually cuts off MFN... surely, MFN is exceeding their peering agreement thresholds with Cogent on board.
Cogent cannot stay in business as they are now for much longer.
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