The cone of lower semicontinuous traces is studied with a view to its use as an invariant. Its properties include compactness, Hausdorffness, and continuity with respect to inductive limits. A suitable notion of dual cone is given. The cone of lower semicontinuous 2-quasitraces on a (non-exact) C*-algebra is considered as well. These results are applied to the study of the Cuntz semigroup. It i...