I pay today $100I receive 1 year from now $8 (interest, also known as coupon)I receive 2 years from now $8 (interest, also known as coupon)...I receive 10 years from now $108 (being repayment of my initial $100 plus $8, being the final interest payment)
Just to clarify a point on 'yield' that seems to be causing misunderstanding, and responding to recent posts (in thread #4) by t43562, francesco nicoli and others ...What the answer is: when people quote 'bond yield' or 'return on investment' or 'interest' as a percentage figure, that is always an annual figure (its units being "quantity per cent per year").
The people working on Skylon have been working on the idea for decades. They are certainly dedicated and well-meaning, and they have some competence. But they have been working on theory and small components. They don't have experience in system integration. They haven't built real flight hardware. They haven't seen a system from concept through to all the inevitable compromises necessary to make a practical system.
The team at REL has consistently proposed building a large-scale single-stage-to-orbit system. That shows poor judgement, in my opinion. SpaceX started with Falcon 1. Then then moved to a full-expendable Falcon 9. Now they are working on perfecting reuse of only the first stage. Along the way, they have learned many lessons and constantly changed their plans, all while retaining their goal of greatly reducing the cost of launch. I believe that kind of incremental, flexible approach is very effective. It is the opposite of the REL approach. With REL going directly for a huge, single-stage-to-orbit system, there is little room to learn operational lessons and change plans. And Skylon is so much different from existing systems it is very likely to need far more flexibility for lessons learned than Falcon.
Quote from: ChrisWilson68 on 02/18/2015 06:06 pmThe people working on Skylon have been working on the idea for decades. They are certainly dedicated and well-meaning, and they have some competence. But they have been working on theory and small components. They don't have experience in system integration. They haven't built real flight hardware. They haven't seen a system from concept through to all the inevitable compromises necessary to make a practical system.I don't have a biography to hand of each one of them but I suggest that it's a sweeping statement to say that they have no experience in system integration. At the very least some of them are veterans of Blue Streak and others of the aerospace industry.
Quote from: t43562 on 02/18/2015 07:13 pmQuote from: ChrisWilson68 on 02/18/2015 06:06 pmThe people working on Skylon have been working on the idea for decades. They are certainly dedicated and well-meaning, and they have some competence. But they have been working on theory and small components. They don't have experience in system integration. They haven't built real flight hardware. They haven't seen a system from concept through to all the inevitable compromises necessary to make a practical system.I don't have a biography to hand of each one of them but I suggest that it's a sweeping statement to say that they have no experience in system integration. At the very least some of them are veterans of Blue Streak and others of the aerospace industry.But that goes for almost any aerospace start-up. Among its employees you would expect to see some veterans from other aerospace firms - but that does not mean that the "organizational experience" as a whole translates to this new organization.
Quote from: Lars-J on 02/18/2015 08:40 pmQuote from: t43562 on 02/18/2015 07:13 pmQuote from: ChrisWilson68 on 02/18/2015 06:06 pmThe people working on Skylon have been working on the idea for decades. They are certainly dedicated and well-meaning, and they have some competence. But they have been working on theory and small components. They don't have experience in system integration. They haven't built real flight hardware. They haven't seen a system from concept through to all the inevitable compromises necessary to make a practical system.I don't have a biography to hand of each one of them but I suggest that it's a sweeping statement to say that they have no experience in system integration. At the very least some of them are veterans of Blue Streak and others of the aerospace industry.But that goes for almost any aerospace start-up. Among its employees you would expect to see some veterans from other aerospace firms - but that does not mean that the "organizational experience" as a whole translates to this new organization. That is a different argument - if we are respecting the English language and the use of absolutes.They are an engine company not an airframe company. Let the airframe company use its great institutional experience for its part of the work.
Quote from: t43562 on 02/18/2015 09:25 pmQuote from: Lars-J on 02/18/2015 08:40 pmQuote from: t43562 on 02/18/2015 07:13 pmQuote from: ChrisWilson68 on 02/18/2015 06:06 pmThe people working on Skylon have been working on the idea for decades. They are certainly dedicated and well-meaning, and they have some competence. But they have been working on theory and small components. They don't have experience in system integration. They haven't built real flight hardware. They haven't seen a system from concept through to all the inevitable compromises necessary to make a practical system.I don't have a biography to hand of each one of them but I suggest that it's a sweeping statement to say that they have no experience in system integration. At the very least some of them are veterans of Blue Streak and others of the aerospace industry.But that goes for almost any aerospace start-up. Among its employees you would expect to see some veterans from other aerospace firms - but that does not mean that the "organizational experience" as a whole translates to this new organization. That is a different argument - if we are respecting the English language and the use of absolutes.They are an engine company not an airframe company. Let the airframe company use its great institutional experience for its part of the work.That's fine, but this engine company is making projections about the performance and economic viability of the complete system, including engines and airframe.
Quote from: ChrisWilson68 on 02/18/2015 09:28 pmThat's fine, but this engine company is making projections about the performance and economic viability of the complete system, including engines and airframe.Don't they have to? Is it not necessary at all times to make such projections and keep updating them as new information is learned?
That's fine, but this engine company is making projections about the performance and economic viability of the complete system, including engines and airframe.
Would anyone even bother to invest if the projections of today were bad?
To start off the new thread, here's a summary of my own reasons for being skeptical about Skylon. Some of these views are probably shared by other skeptics. Feel free to reply with opposing views; hopefully, this will help clarify exactly where opinions differ and help undecided readers of these forums see both sides and make up their own minds.First off, I don't think there's a known flaw in Skylon that definitely makes it impossible. It's not like a perpetual motion machine that violates known laws of physics. My issue with Skylon is that there are too many unknowns and the proponents of Skylon assume those unknowns will work out, while history shows this is seldom the case. There are enough unknowns and enough projections that seem very optimistic to me that the odds of Skylon actually achieving its goals seem remote to me.The people working on Skylon have been working on the idea for decades. They are certainly dedicated and well-meaning, and they have some competence. But they have been working on theory and small components. They don't have experience in system integration. They haven't built real flight hardware. They haven't seen a system from concept through to all the inevitable compromises necessary to make a practical system.
There have been many programs with similar or lesser optimistic goals that have failed. The U.S. National Aerospace Plane had far more resources available and a similar level of technological challenge, and it failed. Note that I'm not saying the details of the technological challenge are similar -- they are not. But the programs are similar in having a goal that required many unknowns to be overcome and having people with some competence in specific areas convinced they could overcome them.
The X-33/VentureStar is another launch program that had optimistic goals and failed. I think that X-33/VentureStar looked far more realistic at its outset, with less of a techonological leap required, than Skylon today. And yet it failed because of the engineering details in turning the theory into reality.
I also find the projected business model of Skylon implausible. It posits 30 units of Skylon will be bought for a billion dollars each. That would give a launch capability far, far beyond the current market, at a price not enough lower to justify the enormous market expansion. One commonly-used cost figure is $5 million per flight based on 200 flights per vehicle and 30 vehicles. If the market were really there for such a launch rate, SpaceX could develop a fully-reusable upper stage for Falcon 9 and cover it at an even lower cost.
Another part of the business case is that governments will by Skylon units for prestige. I think that's unrealistic because national space programs get prestige from developing indigenous capabilities far more than by buying from another country.
So, there you have it. If you disagree, post what you disagree with and why. If you're a reader and undecided, read this and the responses and make up your own mind.One final note: I hope I'm wrong and that Skylon beats the odds and succeeds. But hope shouldn't mean we aren't realistic about how unlikely something is.
Quote from: ChrisWilson68 on 02/18/2015 06:06 pmTo start off the new thread, here's a summary of my own reasons for being skeptical about Skylon. Some of these views are probably shared by other skeptics. Feel free to reply with opposing views; hopefully, this will help clarify exactly where opinions differ and help undecided readers of these forums see both sides and make up their own minds.First off, I don't think there's a known flaw in Skylon that definitely makes it impossible. It's not like a perpetual motion machine that violates known laws of physics. My issue with Skylon is that there are too many unknowns and the proponents of Skylon assume those unknowns will work out, while history shows this is seldom the case. There are enough unknowns and enough projections that seem very optimistic to me that the odds of Skylon actually achieving its goals seem remote to me.The people working on Skylon have been working on the idea for decades. They are certainly dedicated and well-meaning, and they have some competence. But they have been working on theory and small components. They don't have experience in system integration. They haven't built real flight hardware. They haven't seen a system from concept through to all the inevitable compromises necessary to make a practical system.I don't think you are fully aware of the background the REL team. Mark Hempsell for example worked on the DCX.http://forum.nasaspaceflight.com/index.php?topic=19127.msg493088#msg493088
Quote from: ChrisWilson68 on 02/18/2015 06:06 pmThe team at REL has consistently proposed building a large-scale single-stage-to-orbit system. That shows poor judgement, in my opinion. SpaceX started with Falcon 1. Then then moved to a full-expendable Falcon 9. Now they are working on perfecting reuse of only the first stage. Along the way, they have learned many lessons and constantly changed their plans, all while retaining their goal of greatly reducing the cost of launch. I believe that kind of incremental, flexible approach is very effective. It is the opposite of the REL approach. With REL going directly for a huge, single-stage-to-orbit system, there is little room to learn operational lessons and change plans. And Skylon is so much different from existing systems it is very likely to need far more flexibility for lessons learned than Falcon.SABRE is a SSTO engine, I'm not sure what intermediate stage there can be for engine explicitly designed to take a single stage into orbit. I can't imagine designs cost get significantly smaller by making a smaller version.
Quote from: ChrisWilson68 on 02/18/2015 06:06 pmThere have been many programs with similar or lesser optimistic goals that have failed. The U.S. National Aerospace Plane had far more resources available and a similar level of technological challenge, and it failed. Note that I'm not saying the details of the technological challenge are similar -- they are not. But the programs are similar in having a goal that required many unknowns to be overcome and having people with some competence in specific areas convinced they could overcome them.The technical challenge of airbreathing to Mach 18 is clearly of a vastly higher level than airbreathing to Mach 5.5 and the number of unknowns in geting to Mach 18 in 1984 far greater than achieving Mach 5 thirty years later.
Quote from: ChrisWilson68 on 02/18/2015 06:06 pmThe X-33/VentureStar is another launch program that had optimistic goals and failed. I think that X-33/VentureStar looked far more realistic at its outset, with less of a techonological leap required, than Skylon today. And yet it failed because of the engineering details in turning the theory into reality.X-33 didn't fail, it was cancelled due to a change in administration, just as many Clinton era space programs were cancelled by the Bush administration. What many people forget is that the X-33 was just a rocket powered x-plane like the X-15, like the X-15 it had a ton of not flown before technology some of which had teething problems, and like the X-55 if it had flown it would have provided invaluable hypersonic flight data.
economic viability of the complete system, including engines and airframe.
Quote from: ChrisWilson68 on 02/18/2015 09:28 pmeconomic viability of the complete system, including engines and airframe.that was done by others, not by rel... eg. esa, london economics, etc
REL is the one who chose to design it for an SSTO vehicle. They chose to optimize it for that role rather than as part of a reusable first stage of a two-stage launch system, which would be the more conservative choice and give them more margin and require much less in the way of pushing the edge of what technology can do.
And everything gets cheaper when things are smaller.
I don't see them claiming that their plan is set in stone.
Quote from: ChrisWilson68 on 02/19/2015 12:07 amREL is the one who chose to design it for an SSTO vehicle. They chose to optimize it for that role rather than as part of a reusable first stage of a two-stage launch systemWhich would in fact have doubled the development budget as they would had to look at 2 vehicles
REL is the one who chose to design it for an SSTO vehicle. They chose to optimize it for that role rather than as part of a reusable first stage of a two-stage launch system
and the testing around hypersonic separation.
Quote from: t43562 on 02/18/2015 07:13 pmI don't see them claiming that their plan is set in stone.Claiming, no. Acting, yes. They are designing payloads and space stations and Mars missions around the size/capacity of the Skylon payload bay. (Not to mention a hypersonic passenger plane.) And Bond rejects out of hand any suggestions that Skylon may not be the optimal design (as John echoes, above). If you were an "airframer", would you get mixed up with an engine company which behaves like that? Or wait until they fail and just licence the engines from whoever buys the IP, and develop your own clean-sheet design?
Quote from: ChrisWilson68 on 02/19/2015 12:07 amREL is the one who chose to design it for an SSTO vehicle. They chose to optimize it for that role rather than as part of a reusable first stage of a two-stage launch system, which would be the more conservative choice and give them more margin and require much less in the way of pushing the edge of what technology can do.Which would in fact have doubled the development budget as they would had to look at 2 vehicles and the testing around hypersonic separation. The last attempt at which was IIRC the SR71/M4 drone separation tests.