| emckinney | 29 Apr 2013 3:08 p.m. PST |
British billionaire Richard Branson's commercial space venture Virgin Galactic got one step closer to carrying tourists into space when a test pilot cracked the sound barrier over the Mojave Desert. For the first time, the company's SpaceShipTwo engaged its rocket motor and sped to Mach 1.2 and reached 56,000 feet in altitude. link |
| Mako11 | 29 Apr 2013 6:28 p.m. PST |
Pretty neat! Thanks for sharing. |
Augustus  | 29 Apr 2013 6:38 p.m. PST |
Considering it is a ride only for the 1%ers (200,000 per ride), one wonders what sort of insurance Branson will secure. |
| Lion in the Stars | 30 Apr 2013 2:05 a.m. PST |
Hell, if he could get the price down to $20 USDk, I'd go. Have to save up for several years, but I'd go. |
| Rocketeer | 30 Apr 2013 6:08 a.m. PST |
Augustus, I'm hoping that this isn't a 1% rant. The first applications of technology are always the most expensive. Later developments drive the price down. I'm sure that you were first in line to get an Apple Lisa, and didn't wait a while to get a Mac, no? :-) |
| emckinney | 30 Apr 2013 8:44 a.m. PST |
Rocketeer, Augustus's point was that if you have to insure the passengers based on possible lost future earnings, the cost of insurance is going to be ridiculous. I don't think that Virgin Galactic's flights will be covered by the Warsaw Convention (which is ridiculous in its own right, since the liability limits adopted in 1929 have only been doubled since, not even vaguely keeping up with the rate of inflation). |
| billthecat | 30 Apr 2013 9:49 a.m. PST |
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| billthecat | 30 Apr 2013 9:49 a.m. PST |
At 200,000 per ride, it is going to preclude a lot more than 99% of the population. That's okay, because last time I checked, space is pretty dull… |
| Mako11 | 30 Apr 2013 10:09 a.m. PST |
I would love to go, but in reality, being on a vomit comet probably isn't as sexy as the ads will portray, when trying to sell tickets. |
| emckinney | 30 Apr 2013 10:46 a.m. PST |
I've heard that the view is spectacular. That and "I've done it" may be the real reasons to go. And if you love rollercoasters … |
| Lion in the Stars | 30 Apr 2013 12:52 p.m. PST |
If you really want a 1% rant, everyone who makes over $36,000 USD a year is in the top 1% of the global population. How much do you make in a year, Augustus? More than ~24000gbp? Welcome to the top 1% income earners in the world! |
| emckinney | 30 Apr 2013 1:48 p.m. PST |
Lion, do you actually have a point, other than wanting to go off on some political point? Augustus was writing about the finances of the venture, given liability laws and the income levels of the people who can afford a ride. |
| Augustus | 30 Apr 2013 7:07 p.m. PST |
I shall endeavour next time to illustrate my points as well as emckinney has interpreted them. He has it exactly. |
| Lion in the Stars | 30 Apr 2013 8:08 p.m. PST |
Since that *wasn't* actually a 1% rant, my apologies, Augustus. That was probably a bit too much. When did insurance companies have to start paying out based on estimated future earnings? I know that's NOT something you can claim for damages in US courts… |
| emckinney | 30 Apr 2013 10:32 p.m. PST |
It's not life insurance, it's liability insurance for the passengers. If you're found responsible for a death, the compensatory damages are based on estimated future earnings, the idea being that the victim's family will have enough money to continue to live at about the same income level (if you think about what you would want to happen to your family, it makes sense). Virgin Galactic would want to purchase liability insurance to cover judgments at this scale. Whether that insurance is affordable is an open question. As I mentioned, there may be other controlling laws or treaties. I'm not an expert. |
