Asteroid 16 Psyche worth $10,000 Quadrillion.

Cougar1978

NASA has their sights set on investigating it.

When will mining it cause precious metals plummet / market crash.

Cougar1978

Gold Bullion coins at slab cost? Saints in free fall?

I think I am going to get some more of my banknotes graded.

may

Why would it be mined?

ricko

Unlikely that we will see this asteroid mined in any of our lifetimes - X4 - So I am not concerned. Cheers, RickO

VTchaser

World67

With inflation, by the end of the year it will be worth $11,000 Quadrillion.

Overdate

I wonder how much it would bring on eBay.

(Hopefully with free shipping.)

291fifth

The cost of mining in deep space would be so high as to make the project unprofitable.

jmlanzaf

@291fifth said:
The cost of mining in deep space would be so high as to make the project unprofitable.

Could we see your math?

I think we could make an unmanned trip for less than a quintillion.

privatecoin

It would not crash prices. Most would be locked away in the vaults of the wealthy.

ctf_error_coins

@jmlanzaf said:

@291fifth said:
The cost of mining in deep space would be so high as to make the project unprofitable.

Could we see your math?

I think we could make an unmanned trip for less than a quintillion.

Have you ever mined gold? I have. I do not anymore.

Extremely hard to do on earth and make a profit.

I couldn't even imaged the cost to mine a moving astroid in space.

Steven59

To put things into perspective........

"Psyche is expected to leave the launch pad at the Kennedy Space Center between October 5 and 25. The spacecraft will soar into the stratosphere atop a SpaceX Falcon Heavy rocket before it gets a gravity assist from Mars in 2026 to help it along the next stage of the journey. It is expected to arrive at the asteroid in August 2029."

"Some scientists believe the Psyche is made almost entirely of iron and nickel, which could make it worth as much as $10,000 quadrillion. (For comparison’s sake, the entire global economy is worth roughly $110 trillion as of writing.) Other research suggests that the asteroid might not be as metallic or dense as once thought. NASA’s upcoming mission should settle the debate about Pysche’s composition for once and all. The Psyche spacecraft will also orbit the asteroid for 26 months to gain insights into planetary formation and provide us with a better understanding of the interior of terrestrial planets like Earth."

steve76020

i saw on discovery channel a scientist/alchemist used a the hadron collider to turn lead into gold by removing several protons from the atom making lead into gold they said to make one ounce of gold would be so expensive as to being nowhere near feasible millions of dollars per ounce yet they can grow a diamond in a lab for about 200 dollars a carat and the way to tell them from natural diamonds are they are flawless where no natural diamond is i believe they said.

PerryHall

@jmlanzaf said:

@291fifth said:
The cost of mining in deep space would be so high as to make the project unprofitable.

Could we see your math?

I think we could make an unmanned trip for less than a quintillion.

How many round trips would it take to mine it all and bring it all back to earth?

Clackamas1

@PerryHall said:

@jmlanzaf said:

@291fifth said:
The cost of mining in deep space would be so high as to make the project unprofitable.

Could we see your math?

I think we could make an unmanned trip for less than a quintillion.

How many round trips would it take to mine it all and bring it all back to earth?

Just crash it into the planet.

Che_Grapes

Seems heavy …

ctf_error_coins

@Clackamas1 said:

@PerryHall said:

@jmlanzaf said:

@291fifth said:
The cost of mining in deep space would be so high as to make the project unprofitable.

Could we see your math?

I think we could make an unmanned trip for less than a quintillion.

How many round trips would it take to mine it all and bring it all back to earth?

Just crash it into the planet.

Crashing it into the moon would be a better idea.

PeakRarities

@steve76020 said:
i saw on discovery channel a scientist/alchemist used a the hadron collider to turn lead into gold by removing several protons from the atom making lead into gold they said to make one ounce of gold would be so expensive as to being nowhere near feasible millions of dollars per ounce yet they can grow a diamond in a lab for about 200 dollars a carat and the way to tell them from natural diamonds are they are flawless where no natural diamond is i believe they said.

I honestly could see natural diamonds falling out of favor with the public over the next decade. Even my girlfriend, who (for context) a high maintenance blonde from Boca, is not at all interested in a natural diamond. She was trying to hard sell me on getting her a big lab grown diamond for 1/10 of the cost so we could spend the money on other things. She did not have this mindset before, but I had explained to her how the diamond market is/was highly manipulated by Debeers, and apparently she listened!

lilolme

Music in the head again and this reminded me of Space Oddity.

While this video is dated I thought it had some good photos and put together well for the song words.
One of them reminded me of my 'old' poster.

https://www.youtube.com/watch?v=AFks9A9TCF0
.
.
.

jmlanzaf

@ctf_error_coins said:

@jmlanzaf said:

@291fifth said:
The cost of mining in deep space would be so high as to make the project unprofitable.

Could we see your math?

I think we could make an unmanned trip for less than a quintillion.

Have you ever mined gold? I have. I do not anymore.

Extremely hard to do on earth and make a profit.

I couldn't even imaged the cost to mine a moving astroid in space.

Do you know how much money a quintillion is? It's a million times a trillion.

The reason it is hard to mine gold on earth is because ask the easy deposits were already mined. Some of those asteroids are just lumps of metal.

jmlanzaf

@ctf_error_coins said:

@Clackamas1 said:

@PerryHall said:

@jmlanzaf said:

@291fifth said:
The cost of mining in deep space would be so high as to make the project unprofitable.

Could we see your math?

I think we could make an unmanned trip for less than a quintillion.

How many round trips would it take to mine it all and bring it all back to earth?

Just crash it into the planet.

Crashing it into the moon would be a better idea.

Or simply into orbit.

Clackamas1

@jmlanzaf said:

@ctf_error_coins said:

@Clackamas1 said:

@PerryHall said:

@jmlanzaf said:

@291fifth said:
The cost of mining in deep space would be so high as to make the project unprofitable.

Could we see your math?

I think we could make an unmanned trip for less than a quintillion.

How many round trips would it take to mine it all and bring it all back to earth?

Just crash it into the planet.

Crashing it into the moon would be a better idea.

Or simply into orbit.

Kessler on steroids - that is not a good choice.

Namvet69

Is this on Netflix or HBO?

jmlanzaf

@Clackamas1 said:

@jmlanzaf said:

@ctf_error_coins said:

@Clackamas1 said:

@PerryHall said:

@jmlanzaf said:

@291fifth said:
The cost of mining in deep space would be so high as to make the project unprofitable.

Could we see your math?

I think we could make an unmanned trip for less than a quintillion.

How many round trips would it take to mine it all and bring it all back to earth?

Just crash it into the planet.

Crashing it into the moon would be a better idea.

Or simply into orbit.

Kessler on steroids - that is not a good choice.

It doesn't have to be a near earth orbit. It is preferable to crashing it into the moon and altering the tides

Cougar1978

There is an article about it on Google News in the Science section. NASA interested in sending probe there. It’s 140 miles in diameter.

jesbroken

How bout we leave it alone and not start something we cannot finish to our benefit?
Jim

jayPem

Deja vu.
Pretty sure the last post I started was on this very same subject...
Since then I've discovered that it won't be long before we do away with metals entirely.
The future is all biological man.
Coral polyp wedded to nanotechnology.
We will build spaceships that are like totally alive, dude!
👾

ctf_error_coins

https://youtu.be/svKq044qrYU

MarkInDavis

What idiot comes up with the number 10,000 quadrillion? How about 10 quintillion. Or 10 million trillion or 10 billion billion. And no it is not worth that much.

AlanSki

We can determine asteroid value now but not where the coke in the WH came from? NASA is a money laundering scheme sanctioned by the government.

jmlanzaf

@AlanSki said:
We can determine asteroid value now but not where the coke in the WH came from? NASA is a money laundering scheme sanctioned by the government.

To be fair, we can't determine who owns the asteroid either.

AlanSki

@jmlanzaf said:

@AlanSki said:
We can determine asteroid value now but not where the coke in the WH came from? NASA is a money laundering scheme sanctioned by the government.

To be fair, we can't determine who owns the asteroid either.

Once that’s determined, I promise we will be the first to show up bringing them some freedom.

batumi

@Overdate said:
I wonder how much it would bring on eBay.

(Hopefully with free shipping.)

The free shipping seals the deal-I'll take it!

BuffaloIronTail

Everyone is talking about AI and its effect on things.

If it's that good, send one of those suckers up there in a rocket and see what it can really accomplish.

Pete

jacrispies

I wonder if there are any coin shops on the asteroid, may need to take a trip there.

Vasanti

@BuffaloIronTail said:
Everyone is talking about AI and its effect on things.

If it's that good, send one of those suckers up there in a rocket and see what it can really accomplish.

Pete

Crashing the asteroid into earth to eliminate its competition would be my guess.

jmlanzaf

@jacrispies said:
I wonder if there are any coin shops on the asteroid, may need to take a trip there.

No, but it would be a fine place for a branch Mint.

Sapyx

The biggest hurdle to overcome with asteroid mining right now is not the engineering problems, or even the budgetary problems - it's the bureaucratic problems. Because "nobody owns space", and as all of the asteroid-mining startups have discovered, it's really hard to legally make a profit from exploiting something you don't legally own.

The 1967 Outer Space Treaty clearly denotes that neither nation-states, nor corporations (which are considered bound to nation-states), can stake a claim to space, any part of space, or to celestial bodies like the Moon or asteroids. All countries that currently have (or could conceivably have within a couple of generations) space launch capability are signatories to this Treaty. It states that the "exploration and use of" celestial bodies must be done for the benefit of all mankind, which necessarily excludes any activity that would profit just one country or corporation. Which pretty much means any commercial mining activity is going to have to be overseen by the UN Office for Outer Space Affairs, with any refined metals and any profits from the sale of such metals being distributed via the UN "fairly". And it's a fair bet that wrangling about the "fairness" of any such split of profits would take decades of debate in the UN before they could even begin to plan a mining expedition.

At some point, the technology will advance sufficiently that missions to mine asteroids will be all but ready to go, only to be held back by UN red tape. At that point the UN is probably going to have to write a new space treaty, to less ambiguously permit and regulate commercial for-profit space activity like mining.

Asteroid mining, when it eventually happens, will not have very much to do with metal pricing on Earth - because it won't be to Earth that the refined metal gets sent. It would be used in space, for building starships, space colonies, etc. Yes, they could send some of it down to Earth - but most of it would stay in space. The biggest cost to building something in space right now is shipping the construction materials up from Earth, because there's nowhere else to get those materials from. Space mining would drastically reduce this cost.

Vasanti

@Sapyx said:
The biggest hurdle to overcome with asteroid mining right now is not the engineering problems, or even the budgetary problems - it's the bureaucratic problems. Because "nobody owns space", and as all of the asteroid-mining startups have discovered, it's really hard to legally make a profit from exploiting something you don't legally own.

The 1967 Outer Space Treaty clearly denotes that neither nation-states, nor corporations (which are considered bound to nation-states), can stake a claim to space, any part of space, or to celestial bodies like the Moon or asteroids. All countries that currently have (or could conceivably have within a couple of generations) space launch capability are signatories to this Treaty. It states that the "exploration and use of" celestial bodies must be done for the benefit of all mankind, which necessarily excludes any activity that would profit just one country or corporation. Which pretty much means any commercial mining activity is going to have to be overseen by the UN Office for Outer Space Affairs, with any refined metals and any profits from the sale of such metals being distributed via the UN "fairly". And it's a fair bet that wrangling about the "fairness" of any such split of profits would take decades of debate in the UN before they could even begin to plan a mining expedition.

At some point, the technology will advance sufficiently that missions to mine asteroids will be all but ready to go, only to be held back by UN red tape. At that point the UN is probably going to have to write a new space treaty, to less ambiguously permit and regulate commercial for-profit space activity like mining.

Asteroid mining, when it eventually happens, will not have very much to do with metal pricing on Earth - because it won't be to Earth that the refined metal gets sent. It would be used in space, for building starships, space colonies, etc. Yes, they could send some of it down to Earth - but most of it would stay in space. The biggest cost to building something in space right now is shipping the construction materials up from Earth, because there's nowhere else to get those materials from. Space mining would drastically reduce this cost.

At some point, the corporation doing it won’t be bound by earth law. If you have the tech to mine an asteroid, you have the tech to set up habitation and legal existence outside of earth’s jurisdiction.