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Elon Musk Cries Foul After US Govt Chooses Rival Rockets Over SpaceX

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By CCN: Elon Musk must be feeling the pressure of his SpaceX and Tesla empires crumbling. SpaceX filed a lawsuit against the federal government, alleging the Air Force Space and Missile Systems Center shouldn’t have awarded billions in contracts to other firms – including Jeff Bezos’ Blue Origin.

Air Force Spots SpaceX’s Weaknesses

The Air Force evaluated proposals from SpaceX, Northrop Grumman, Blue Origin, and United Launch Alliance, the latter of which is a joint venture between Lockheed Martin and Boeing. Each of the three competitors had rockets that the Air Force preferred and thus handed out nearly $2.3 billion to those contractors over SpaceX.

The Air Force identified three weaknesses in SpaceX’s Starship rocket, which Musk’s company says resulted in an unfair comparison and evaluation of its product. These weaknesses, according to the lawsuit, involved “unstated criterion” in which the Starship rocket would be built “against current processing requirements for Government reference missions.”

This isn’t the first time Elon Musk sued the Air Force.

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SpaceX Submitted a Lousy Bid

So what’s really going on?

There are likely two reasons why the Air Force dinged Elon Musk and SpaceX and one reason why Musk is suing.

The Air Force’s official reasons for rejecting SpaceX likely stem from an honest application of government rules and regulations to SpaceX’s proposal.

Government contracting rules are notoriously riddled with bureaucracy in which every “i” must be dotted and every “t” must be crossed. On page 27 of an DOD’s IG report, Musk himself told Acting Secretary of Defense Patrick Shanahan:

 “SpaceX was not successful in the recent Air Force competition for a launch service contract…SpaceX had written a poor proposal that missed the mark.”

That admission alone is going to be a major obstacle for the Elon Musk lawsuit.

Truth Bomb: The Air Force Sees SpaceX as a Major Risk

The second reason the Air Force may have rejected SpaceX is the very fact that the Elon Musk empire has been struggling for some time. The Air Force knows that Northrup, Lockheed, and Boeing all have successful track records with space flight. Giving money to them is a no-brainer.

Blue Origin is Jeff Bezos’ company, and the Amazon CEO has a successful track record in just about everything he touches.

SpaceX has had many high profile successes…and disasters. Elon Musk releasing a video compilation of SpaceX rocket explosions may have been a stab at self-deprecating humor, but government bureaucrats have no sense of humor.

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Elon Musk Is Just Butthurt

The reasons Elon Musk and SpaceX are suing the federal government are twofold: sour grapes and SpaceX needs the money.

The Elon Musk huckster empire is starting to crumble. The endless problems with Tesla and SpaceX blowups are starting to catch up with the tech entrepreneur. It seems likely the federal government took a look at all the government money Elon Musk has already received and decided to cap it.

As it is, Tesla has already secured more than $5.3 billion in taxpayer money, whereas Musk has contributed much less. Tesla grabbed a $3 billion state subsidy for a factory in California, and another $500 million in selling California and other jurisdictional regulatory credits. Nevada gave it a $1.3 billion tax incentive. The Department of Energy handed it a $45 million discounted loan. It picked up $284 million in federal income tax credits.

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The LA Times reported that SpaceX received almost $5 billion in federal subsidies.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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