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@sbagley In my experience, networking and collaboration. A surprising (to me) amount of math happens in the informal spaces between talks. My second publication was co-authored with my conference roommate at the end of grad school; almost everything was proven at the conference.
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@sbagley That said, I think *both* are ideal. I have a vague idea to organize a virtual conference focusing on young researchers in my field in the fall, to complement our spring and summer conferences. I also have resources on mirroring physical confs online. clontz.org/math/osm/