Friday, September 29, 2017

Elon Musk wants to fly people around the world in under an hour

Elon Musk wants to fly people around the world in under an hour

SpaceXThe SpaceX rocket landing in Shanghai. Screenshot via SpaceX/YouTube
SpaceX's founder, Elon Musk, presented his vision for getting people to Mars within five years at the International Astronautical Congress in the South Australia city of Adelaide on Friday.
The spaceship, dubbed the BFR, would carry about 100 people into outer space, but at the end of his presentation he floated the idea of using it to fly anywhere around the world in less than 60 minutes.
He painted a picture of people boarding a ship in New York City to head out to a launchpad in the Hudson River, where they take a 7,400-mile flight from the Big Apple to Shanghai in just 39 minutes.
The most popular long-haul flights could be completed in under 30 minutes, Musk said — from Los Angeles to New York in 25 minutes; Melbourne, Australia, to Singapore or New York to London in 29 minutes; New York to Paris in 30 minutes; and Sydney to Cape Town, South Africa, in 35 minutes or all the way to Zurich in 50 minutes.
“If we're building this thing to go to the moon and Mars, then why not go to other places on earth as well?" he said.
Musk offered no insight on costs, but the idea would be the most dramatic change to air travel since the supersonic Concord arrived on the scene in the mid-1970s, traveling at twice the speed of sound and cutting the eight-hour flight between Paris and New York to less than 3 1/2 hours.
He also promised a smooth ride.
"Once you're out of the atmosphere," he said, "it will be smooth as silk, no turbulence, nothing."

Watch SpaceX's video on the idea below:



Read the original article on Business Insider Australia. Copyright 2017. Follow Business Insider Australia on Twitter.

South Korea bans ICOs

South Korea bans ICOs

South Korea fans hold placards of their national flag before their 2011 Asian Cup semi-final soccer match against Japan at Al Gharafa stadium in Doha January 25, 2011.South Korea fans hold placards of their national flag before their 2011 Asian Cup semi-final soccer match against Japan at Al Gharafa stadium in Doha January 25, 2011. REUTERS/Oleg Popov
LONDON — South Korea has followed the example of China and banned all "initial coin offerings" (ICOs).
South Korea’s Financial Services Commission on Friday took the decision to ban all forms of cryptocurrency-based money raising activity, saying it has "serious concern about the fact that the current market funds are being pushed into a non-productive speculative direction." Business Insider reported earlier this month that South Korea was considering a crackdown.
The regulator pointed to similar actions from USChinese, and Singaporean regulators to curb the runaway market.
ICOs have become one of the hottest methods of fundraising in 2017, with over $2 billion raised to date using the method. ICOs are where startups or established companies raise money by issuing new digital currencies, akin to bitcoin.
However, these new currencies — numbering over 800 to date — are highly volatile and owners often have few rights linked to their investment.
The Financial Services Commission added that there is "concern about the adverse effects such as the increase in the risk of fraudulent receipt, which induces investment by leading ICO," as well as "the overheating of the market due to the increase in speculative demand."
South Korea's regulator on Friday also announced curbs to margin trading in the cryptocurrency space, where platforms allow people to trade digital coins using borrowed money.

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