I've been trying to spend them since the announcement of their retirement, but I can't stay below 35k. I was able to make progress back when we could buy ascendant stuff, but now I just can't spend them fast enough.
No, phantasmal fragments are not the option. I can't afford the inventory space nor do I wish to stand by the lecturn for an hour or more purchasing them one at a time. That is asinine. Rally banners are a little better, since I can spend 400 at a time, but again, I don't really have the inventory space. Glimmer is also nice to buy, but even with the cap doubled, it's still an tiny amount. I cap out immediately.
Literally everything else that uses legendary shards (that I can think of) also costs other resources that I do not have in abundance, such as masterworking gear.
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Best option I’ve found is buying armor from a destination vendor and dismantling it for banshee rep. You don’t get much but it goes fairly quickly if you have nine open slots in each armor type, fill them up, dismantle and repeat. Better than letting them deprecate I guess.