NASA Plans To Explore A 10 Quintillion Dollar Asteroid That Could Cause The World's Economy To Collapse

[Teddy07]

5 minutes ago, Garfieldus said:

Woudln't solve any debt because increased supply would drive the prices of metals in the asteroid down.

Well just sell them slowly then...

[Garfieldus]

6 minutes ago, Teddy07 said:

Well just sell them slowly then...

That wouldn't solve debt problem either because after excluding extraction costs you won't be making much while also adding extra supply to already existing one which would create new, lower price equilibrium.

[Mihle]

I don't think it would be worth it to harvest it?

 

Like rockets are exspensice, and you can't take the hole thing down to the earth in one piece either.

[vanished]

2 hours ago, Mihle said:

I don't think it would be worth it to harvest it?

 

Like rockets are exspensice, and you can't take the hole thing down to the earth in one piece either.

It wouldn't be worth it to harvest if you're gonna bring it all back to Earth, no.  You can get iron way cheaper on Earth   But if you needed iron in space for some reason, harvesting this may be cheaper than launching our own.

[Kamina]

Our future currency for the elites living up in space.

[Megah3rtz]

do it nasa, no balls. ffs 

[Mihle]

7 hours ago, Ryan_Vickers said:

It wouldn't be worth it to harvest if you're gonna bring it all back to Earth, no.  You can get iron way cheaper on Earth   But if you needed iron in space for some reason, harvesting this may be cheaper than launching our own.

Yes, but then it wouldt affect the economy on earth much at all anyways

[vanished]

1 minute ago, Mihle said:

Yes, but then it wouldt affect the economy on earth much at all anyways

Hopefully by the time we can do anything meaningful in space, we'll have moved beyond what we have now to an economy that is unrecognizable to people of today.

[AlTech]

On ‎1‎/‎20‎/‎2017 at 7:18 AM, Energycore said:

How is having better access to commodities and materiel actually lethal for the economy? Is our system that fragile? Am I missing something?

The moment something worth a hell of a lot more comes out......the economy would come close to crashing down on us.

 

Literally. Bringing this back to earth would either make everybody so rich that they can do anything they want or so poor that they can't do anything they want.

[Tieox]

So we make a massive BBQ out of the asteroid. a space BBQ!!! sod mining it.

[vanished]

6 hours ago, AluminiumTech said:

The moment something worth a hell of a lot more comes out......the economy would come close to crashing down on us.

 

Literally. Bringing this back to earth would either make everybody so rich that they can do anything they want or so poor that they can't do anything they want.

How exactly would it make every one that rich?  I don't think it would even make the person/group who does it rich... they say it's worth that just because that's its mass multiplied by the current price of that material.  In reality, bringing it back, aside from the fact that it's almost impossible, would just completely tank the value of that material.  Sure there would be disruptions but it would hardly collapse the entire world economy.

[AlTech]

4 hours ago, Ryan_Vickers said:

How exactly would it make every one that rich?  I don't think it would even make the person/group who does it rich... they say it's worth that just because that's its mass multiplied by the current price of that material.  In reality, bringing it back, aside from the fact that it's almost impossible, would just completely tank the value of that material.  Sure there would be disruptions but it would hardly collapse the entire world economy.

It would devalue everything existing on earth basically.

[vanished]

1 minute ago, AluminiumTech said:

It would devalue everything existing on earth basically.

How?  Why?

[AlTech]

1 minute ago, Ryan_Vickers said:

How?  Why?

It would be the equivalent of having hyper inflation.

 

Introducing a ridiculous amount of money into any economy would really make the currency worth nothing.

[vanished]

1 minute ago, AluminiumTech said:

It would be the equivalent of having hyper inflation.

 

Introducing a ridiculous amount of money into any economy would really make the currency worth nothing.

but you're not introducing a ridiculous amount of money, or any amount.  It's just iron and some other rocks

[AlTech]

14 minutes ago, Ryan_Vickers said:

but you're not introducing a ridiculous amount of money, or any amount.  It's just iron and some other rocks

Yes but with the amount there is, it is worth a fortune.

 

It would effectively be like bringing back 10 quintillion dollars from the moon.

[vanished]

2 minutes ago, AluminiumTech said:

Yes but with the amount there is, it is worth a fortune.

 

It would effectively be like bringing back 10 quintillion dollars from the moon.

See that's the problem, it's not really.  Sure, if you could actually land the thing on earth and mine it in the conventional way, perhaps, but that's impossible.  There's no way to bring it down to ground level, and the cost of mining it in place is significant so it's not just like free cash.

[dalekphalm]

5 hours ago, Ryan_Vickers said:

See that's the problem, it's not really.  Sure, if you could actually land the thing on earth and mine it in the conventional way, perhaps, but that's impossible.  There's no way to bring it down to ground level, and the cost of mining it in place is significant so it's not just like free cash.

What's more likely is that Iron from the asteroid would be incredibly expensive, as it would be more expensive to mine the stuff from the Asteroid then it would to mine it from Earth.

 

Or rather, the price of Iron would likely stay the same, and by default, make the cost of extraction from the Asteroid simply unprofitable. I could see some short term fluctuations, but it should settle back down shortly.

 

Now, if somehow they could get that iron onto the ground, all at once? Yes. That would cause the price of Iron to hit rock bottom, and could do a lot of economic damage to countries that rely on Iron mining as a core part of their economy.

 

Countries that don't rely on Iron may see no economic issues at all, or might benefit from it.

 

Hard to say what the total end outcome might be globally.

[Dionyz]

This thread is so click-bait it's not even funny. No matter what this asteroid will not make our economy collapse. 

[Wolther]

5 hours ago, AluminiumTech said:

Yes but with the amount there is, it is worth a fortune.

 

It would effectively be like bringing back 10 quintillion dollars from the moon.

Not exactly. I mean think to yourself, why is dirt not expensive? It's high in supply and pretty low in demand. Theoretically if we magically had that supply of iron pop onto the surface of Earth what would happen to iron? The supply of Iron increases dramatically, and demand starts to fall as everyone's demand for iron becomes satisfied. So what is the basic rule of economics? High supply and low demand = cost reductions. So that 10 quintillion might turn into a trillion. Which is a much better figure 

[GDRRiley]

SPACE X will mine it

[ARikozuM]

44 minutes ago, Wolther said:

Not exactly. I mean think to yourself, why is dirt not expensive? It's high in supply and pretty low in demand. Theoretically if we magically had that supply of iron pop onto the surface of Earth what would happen to iron? The supply of Iron increases dramatically, and demand starts to fall as everyone's demand for iron becomes satisfied. So what is the basic rule of economics? High supply and low demand = cost reductions. So that 10 quintillion might turn into a trillion. Which is a much better figure 

There are industries where the "supply" is "low" and demand is "high" only because the industry causes it to be that way. Diamonds, for example, are mined and then stored only so that a few (don't know the exact amount) percent can hit the market at any time.

[Trik'Stari]

On 1/19/2017 at 6:09 PM, Dabombinable said:

2 words: Mars colony.

And soon, please.

 

I want off this rock. Maybe we can start a society on Mars where we don't elect only the least qualified and most corrupt people to run things (This is a statement about both parties)

[Tieox]

5 minutes ago, Trik'Stari said:

And soon, please.

 

I want off this rock. Maybe we can start a society on Mars where we don't elect only the least qualified and most corrupt people to run things (This is a statement about both parties)

 

A world there things that make sense are accepted rather than ignored?

 

Sounds good.  Will it have bacon?

[Sky Daddy]

On 1/22/2017 at 6:27 AM, Kierax said:

Sounds good.  Will it have bacon?

We can't allow there to be riots now, can we?