Economic Impact Of Commercial Space Exploration

[Upgrade00]

On Saturday, Space Exploration Technologies, also known as SpaceX successfully launched a manned-rocket into space in collaboration with NASA.
It's the first Space launch from the U.S. soil in about nine years and could be a pivotal landmark in commercial space exploration.
The successful launch comes after years of testing and retesting which began in 2015. The company established by Elon Musk in 2002, has undergone series of safety protocols, successfully launching an un-manned rocket some years back. And it is the first private company in history to launch astronauts into space. This is something that was thought to be impossible and can have huge economic implications.

SpaceX’s Successful Launch Follows Years of Setbacks
Strapped into a reusable, gumdrop-shaped capsule called Crew Dragon, veteran astronauts Bob Behnken and Doug Hurley embarked on a scheduled 19-hour voyage to the international space station circling the globe 250 miles up, with President Trump and Vice President Mike Pence observing the fiery scene in person. The Space Exploration and Technologies Corp. Falcon 9 rocket lifted off at 3:22 p.m. local time, successfully reaching initial orbit 12 minutes later.

SpaceX also successfully landed the booster of the rocket which usually crashes into the ocean. This can now be reused in future liftoffs significantly cutting down cost.

Some of the economic implications of space exploitation includes;
Employment opportunities: space exploration by private companies would open lots of employment opportunities directly and indirectly, by employing more people and increasing demand for machine parts.

Space tourism: Just as people take vacations in relics and islands, commercial space travel would make it possible for one to pay for a tour in space. It would be more expensive than a trip to an island but more affordable than boarding a public rocket and would open new revenue means

Technological advancement: more private companies launching to space would lead to more satellites being set in orbit, this would have lots of impact on the way data and information are shared and how it can be utilized.

Beyond space: this successful launch could also lead to further advancements being made and we could venture beyond space, establishing livable habitats on planets like Mars. This however is still a futuristic agenda.

What impacts do you predict this would have and should Bitcoin go to the moon, would you be boarding a rocket to space?

[gentlemand]

I think people underestimate the significance of that launch.

Before that things in space only happened with a nod from the administrators of a handful of space agencies. Now if you can convince investors of your idea the potential is there to actually make it happen. There's no politics, there's no set budget constraint, there's no people scrabbling for the same piece of pie.

This'll be the catalyst to make proper leaps that wouldn't otherwise have happened.

No idea where it'll end up but it'll be vastly further than had it remained entirely in the hands of state agencies.

[jackg]

I don't think this means much at all... He'd have been able to launch a rocket fromm somewhere even if it wasn't from the US and a shift from government entities to private companies just means corners will now be cut due to financial inefficiencies rather than laziness... I'm guessing this'll add a lot more space junk everywhere especially if more competitors rise up. (oh and no worries because we can just form collisions with space junk and allow it to polite the atmosphere because that won't cause problems)...

We're far from anything more happening although it can go down in history that the US government and nasa just gave up on a project when they saw Russia could do it cheaper...

We may soon have hourly blocktimes with bitcoin too if we end up using it here and Mars since the singla will take 20 minutes at light speed and I don't think teleportation over that distance has yet been accomplished)...

[so98nn]

Snip

Space junk is real thing and it’s truly big problem. More than 120 million small pieces are floating around the earth today and according to National Geographic article it’s going to be worst in the future.

We need to come up with solution where the launch of rocket returns as whole without sending pre-launch ignition rockets into the space. What Elon Musk is doing is absolutely great and hands off to his excellency in space project but it’s gonna do it worse if every private tour brings space junk and suffocate the earth.

We are small buddies, I hope they are thinking about solution as well.

Reference: Space Junk

[mu_enrico]

It's nice to see how humans already capable of such things. However, I still think the project is not promising from an economic point of view. I mean, if it's about tourism, even if we ignore the price, I don't think people will like the experience since they cannot wear flip-flops and drink coconut there. They are more likely to get more stress than relief.

If it's about exploring and then gathering valuable metals, there are many unexplored places on earth. It will still be more feasible to dig here if you calculate the costs.

[Yatsan]

I'm just a bit questionable about the timing though I know it was planned few years ago but did they not consider the fact that the world is having a problem due to the pandemic? I have nothing against with this coz I know they are private company but the thing is, it costs so much to get a single shuttle to reach space, I think it would cost them around $100 million in a single space launch which might be a huge help for a country that is suffering from the pandemic. Besides, I don't think there will be an employment opening in there coz they're basically full, they don't sign up any one just because you're good at science.

[BIT-BENDER]

It more of passion/dream for musk. He is a business -a billionaire- but he has be vigorous in the desire to launch this project of his, this won't be a line that will rolling profit soon but pioneering it will count to his advantage when there is a boom.
  
 To drift to the topic of satellite, satellites can just be mounted on space by private -individual, company- there should be protocol to it.
But what freaks me out is what if there is a causality, with new development a chance of new disaster comes up,

[hatshepsut93]

Humanity was launching humans into space for many-many decades already, and the progress isn't really that great - things like Moon or Mars colonization, asteroid mining are still a science fiction. Private space launches is a great milestone, but there's still a really long road ahead, so you won't be seeing any noticeable economic impact of it for a long time. 

What impacts do you predict this would have and should Bitcoin go to the moon, would you be boarding a rocket to space?

SpaceX clearly has nothing to do with Bitcoin. No point even starting a speculation here.

[exstasie]

I think people underestimate the significance of that launch.

Before that things in space only happened with a nod from the administrators of a handful of space agencies. Now if you can convince investors of your idea the potential is there to actually make it happen. There's no politics, there's no set budget constraint, there's no people scrabbling for the same piece of pie.

This'll be the catalyst to make proper leaps that wouldn't otherwise have happened.

No idea where it'll end up but it'll be vastly further than had it remained entirely in the hands of state agencies.

Leaps to what?

What is the end game? A space tourism industry for a small number of insanely rich people?

Musk claims they will someday make billions of dollars annually based on satellite internet subscriptions. Does anybody actually believe that? Satellite as a consumer technology is basically dead except in rural places with small populations. Maybe they can secure government contracts? For what I'm not sure exactly.

I've never understood the excitement around SpaceX. I still don't get it.

[Darker45]

Such huge partnership between a private entity and a government or a federal agency for this matter is always appreciated.

The space that we have outside of this planet is so vast it cannot be measured. And it won't be sustainable if the only party that will be focusing on it is the government. It would be a welcome development if private individuals or corporations are interested in its exploration. Space exploration is relatively costly and might give out a little or even no immediate and middle-term ROI in return.

But, most importantly, the government spending billions in space explorations might be questionable in the eyes of many amidst the economic hardships experienced by ordinary individuals and families. It may be a luxury frowned upon by a lot of people. So a private player coming in with billions to spend will be a huge help.  

[Wexnident]

Space junk is real thing and it’s truly big problem. More than 120 million small pieces are floating around the earth today and according to National Geographic article it’s going to be worst in the future.

We need to come up with solution where the launch of rocket returns as whole without sending pre-launch ignition rockets into the space. What Elon Musk is doing is absolutely great and hands off to his excellency in space project but it’s gonna do it worse if every private tour brings space junk and suffocate the earth.

We are small buddies, I hope they are thinking about solution as well.

Reference: Space Junk

Well, it is a natural occurrence imo with he lack of experimental trials they've done in terms of efficiency. It's like how they only measure the end, but not the means to the end, at least, not yet. A goal has been achieved suitably, showing it is possible right now for space exploration so I hope that they'd make the correct decision of not rushing it. The problem of space junk caused by launches should be the first one to be addressed by the ones responsible.

Still though, it is an exploration to the unknown so I hope they'd tone down the expenses as much as possible since it may result in just an empty achievement. Not to mention that it'd take decades, if not centuries, to even make space exploration commercial. It isn't even guaranteed that people would even go to space as well, so making claims of it as an opportunity this early on may prove to be false. After all, it's like how exotic deserts made by 3d machines are only accessible by the rich people, and when compared to the common populace, the difference is just way too huge.

[Upgrade00]

It would be a welcome development if private individuals or corporations are interested in its exploration. Space exploration is relatively costly and might give out a little or even no immediate and middle-term ROI in return.

I watched a video recently which stated that spaceX could generate revenue by launching cargo based rockets to space. So basically, they'll be ferrying equipments to space for agencies. This is a means that can be exploited. According to Wikipedia;

In 2008, SpaceX won a Commercial Resupply Services (CRS) contract in NASA's Commercial Orbital Transportation Services (COTS) program to deliver cargo to the International Space Station (ISS) using the Falcon 9 and Dragon capsule. The first mission under this contract launched on October 8, 2012.[20]

SpaceX clearly has nothing to do with Bitcoin. No point even starting a speculation here.

Wasn't suggesting it does. Just asking, if you're rich enough, would you go on a trip to space?

[hatshepsut93]

Wasn't suggesting it does. Just asking, if you're rich enough, would you go on a trip to space?

Haha, my bad.

Yeah, if in the next 20-40 years my Bitcoin holdings would make me a multi-millionaire, I'd likely buy a space trip, that sounds totally awesome. I just hope that the problem of space pollution will be solved before space tourism will become a thing, because if not, it would be quite wacky to contribute to this problem just for the sake of entertainment.

[Latviand]

Wasn't suggesting it does. Just asking, if you're rich enough, would you go on a trip to space?

Haha, my bad.

Yeah, if in the next 20-40 years my Bitcoin holdings would make me a multi-millionaire, I'd likely buy a space trip, that sounds totally awesome. I just hope that the problem of space pollution will be solved before space tourism will become a thing, because if not, it would be quite wacky to contribute to this problem just for the sake of entertainment.

Maybe it depends on the people, there are people who are not entertained in seeing those celestial bodies. It is really a good experience to see the things in the space, but paying for a huge amount for that if you're a normal person isn't worth it.

Bitcoin can really give you reasonable amount of money, but it still depends on your manipulation if you're successful.

A space trip is satisfying and memorable but if you are not an astrophile person, you should spend your money to more valuable things that you really want to apex.

Sometimes, I really like travelling around the world and for me, I think it is much cheaper than going into space. But this space tour is really beneficial and it can contribute to the government's economy. It is somehow a good business, but for those only who can afford it.

[Cnut237]

If it's about exploring and then gathering valuable metals, there are many unexplored places on earth. It will still be more feasible to dig here if you calculate the costs.

I'm not sure.

the investment bank Goldman Sachs has reassured its clients about the financial benefits of investing in asteroid-mining companies. “The psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower,” it said in a report published last year. A Caltech study put the cost of an asteroid-mining mission at $2.6bn – perhaps not surprisingly the same estimated cost of NASA’s erstwhile ARM. It might sound a lot, but a rare-earth-metal mine has comparable set-up costs of up to $1bn and a football-field-sized asteroid could contain as much as $50bn of platinum

_{https://physicsworld.com/a/the-asteroid-trillionaires/}

Asteroid mining could in theory be hugely lucrative. Of course another effect is if the supply of, say, that perennial safe-haven favourite gold increases dramatically, then that does make the fixed supply of bitcoin increasingly appealing from an investment perspective

[sunsilk]

I'm just a bit questionable about the timing though I know it was planned few years ago but did they not consider the fact that the world is having a problem due to the pandemic?

I've thought of this but, IMO it's timely and good to boost the feelings of everyone that's thinking of how bad this pandemic is. In the past, space explorations became the talks and gathered a lot of attention of the entire world and nothing has changed.

Except the fact that it's SpaceX, a private company together with NASA.

I'm thinking the impact of this launch for other countries that are looking forward to have the same launch as SpaceX's. Musk's is moving forward and has a high target of sending space tourists in the near future which means huge profit for his company.

This will create competition and we might see a competitor soon.

What impacts do you predict this would have and should Bitcoin go to the moon, would you be boarding a rocket to space?

It's going to be an expensive trip so, I'll save myself for that and would be happy to see others getting there soon. Musk holds a small amount of bitcoin and who knows if a logo of bitcoin will be attached to one of his rockets.

[mu_enrico]

@Cnut237

In the same article you propose:

There are, however, potentially major challenges for anyone wanting to mine such an asteroid. How do you get it back to Earth through the atmosphere and land it without destroying the planet? Who do you sell it to in space if you can’t get it back to Earth?

Source: https://physicsworld.com/a/the-asteroid-trillionaires/

Going there and then mine all the metals is one issue, and then transport it to the earth is another issue. So much risk involved there hence I'm not sure if private companies can bear all those risks.

I've heard some compelling arguments about Columbus was funded by the government i.e., The Kingdom of Spain, therefore this kind of project might (only) be possible with the government's money.

[Sanugarid]

I'm just a bit questionable about the timing though I know it was planned few years ago but did they not consider the fact that the world is having a problem due to the pandemic?

I've thought of this but, IMO it's timely and good to boost the feelings of everyone that's thinking of how bad this pandemic is. In the past, space explorations became the talks and gathered a lot of attention of the entire world and nothing has changed.

Me too, I thought it was a throwback since they can't totally move right now but upon visiting a news website it turns out to me a true event. Though we cannot question coz they are "private" I'm just also a bit confuse that all of a sudden we are going to see a news like this coz we have been bombarded by covid news lately. We know earth lesser than the space, it is true, we know the ocean on its 1% only from living creatures to the deepest ground, maybe space is more reachable than our own planet that's why they keep on doing that.

This will create competition and we might see a competitor soon.

These countries will going to recover first before anything else, there will be competition among these organization but that would take longer as the pandemic is still ongoing.

What impacts do you predict this would have and should Bitcoin go to the moon, would you be boarding a rocket to space?

It's going to be an expensive trip so, I'll save myself for that and would be happy to see others getting there soon. Musk holds a small amount of bitcoin and who knows if a logo of bitcoin will be attached to one of his rockets.

Musk's is a true definition of privacy, he is so clever that none of us know if he's saying is true or not. Just look at his twitter account. We don't even know how many bitcoins he got. 

[dothebeats]

One thing that is also worth noting in this space launch is the possibility of NASA partnering with other private firms for better results and not really constrained to the limits of the budget set by the Federal government. The relationship would be somewhat mutual, although the investor who provided the budget would of course benefit the longer end of the stick as it opens up different possibilities to the investor's venture, possibly mining space rocks with the help of the experimental data gathered by NASA etc etc.

SpaceX exposure on that historical launch and the successful (and satisfying) re-entry of the Falcon engines might rise to the possibilities of space tourism. It was 10 or so years in the making, and back then people are still mocking the use of reusable rocket to cut costs, but then this manned launch happened. I might be quite optimistic and too sci-fi-centric on this comment but perhaps this event might spark the start of the human race as a space-faring civilization, albeit only within our solar system for resources and whatnot. Nevertheless, it actually opened our eyes that there exists a place left unexplored beyond our home, and that is what Space X and NASA is trying to do every day.

Prepare to see a lot of startups focused on logistics, planning and physics of mining space rocks (asteroids) and taking them back to earth for fortune.

[Haunebu]

I feel like you are exaggerating the impact of this particular feat op. I acknowledge that this is a monumental event in space exploration, but it expecting the economy to benefit from this in a big way is a bit of a stretch.

Currently, the entire world is reeling from recession thanks to COVID which is why it would take years to recover from this catastrophe. Private space exploration is only suitable for the ultra elite who constitute less than 1% of the world population.

How will the common man benefit from something like this? Asteriod mining? Seriously? For example, people usually purchase the Xbox or Playstation or Switch currently for gaming. A small percentile purchase VR headsets linked to these platforms.

Private space exploration is similar to these VR headsets in my opinion. The only big improvement will probably be observed in certain forms of technology.