I always see guys with their keys on lanyards and they put the key in their pocket and let the lanyard hang out. Why?
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Yea, I agree with Kairon. This is something that caught fire in the late 90's, it was part of a recruitment campaign that the military branches in the US were doing, and it caught on everywhere else in the US and beyond.
Not sure if it will ever go away, but you're witnessing how a trend begins and ends. They never truly die.