Damn surely you stop using ASCII formats before your dataset gets to 2 TB??

Ha. it gets worse. Search engines or blacklist processors often use gigantic url lists, which are stored as plain ASCII, which is then fed into a perfect hash generator, which accesses those url's unordered. I.e. they need to create a second ordering index to access the urllist. The perfect hashing guys are mathematicians and so they don't care because their definition of a mphf (minimal perfect hash function) is just a random ordering of unique indices, but they don't care to store the ordering also. So we have ASCII and no index.

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BAM format is widely used but assemblies still tend to be generated and exchanged in FASTA text. BAM is quite a big spec and I think it's fair to say that none of the simpler binary equivalents to FASTA and FASTQ have caught on yet (XKCD competing standards etc.)

e.g. https://github.com/ArcInstitute/binseq

no, I power thru indefinitely with no recourse

People rely on compression for that ;)