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Wait a minute, how does this work? If it's only 500km above the Earth it won't be stationary from an observers point of view. It will be moving as fast as all the other stuff up there at 27000 km/h and go over as fast as the ISS. To be geostationary it needs to be 37,000 km out.
And, at 500km up it will be in Earth's shadow an hour or two after sunset.
Sounds like BS to me.
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