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CBJ post about SETA in forum

This is now a craftable item (as of v4). Its purpose is to speed up elapsed time throughout the game so <player> doesn't have to sit waiting for (eg) looting drones to return toi their mothership, or station building to complete.

The entire game will be sped up while <player> is using SETA, whether or not <player> is present in zone, system or sector, or even if they've never visited those areas before!

Its availability shows up as a blue ring in the HUD, next to the jumpdrive if you have that item

 

For conditions of its use, here's a copy from CBJ's post:

...

Introduction

A Singularity Engine Time Accelerator, or SETA, can be crafted for the Skunk from dropped loot. Under certain circumstances, it speeds up elapsed time throughout the game by 6-times. When installed, a ring becomes displayed on the HUD's shield monitor. When circumstances are correct for usage, the ring brightens.

The SETA helps in variety of ways:

  • Fast travel (the player can navigate in clear space or use the autopilot to follow ships).
  • Speeding up station building phases (if the player has nothing else to do).
  • Speeding up the return of looting Cargolifter URVs to their mothership (if the player has nothing else to do).

Further details can be found in a post by CBJ on the forum.

Conditions of use

A series of conditions govern whether the SETA may be activated. The main aims of which are to ensure the player receives incoming information they may wish to act on, and to limit it's potential for abuse/dependency. Suggestions have been made to limit the impact of incoming messages that seem relatively innocuous, such as wallet updates or mass order completion confirmations for groups of ships given the same order.

The SETA may not be activated, or will deactivate, under the following circumstances (CBJ, 2015):
• You are on a platform or otherwise away from your pilot seat. 
• You are in a conversation or menu. 
• You receive an important event on your event monitor. 
• Your ship is attacked. 
• You fire a weapon or activate a scanner. 
• Your jump drive is charging or active. 
• You steer hard in any direction. 
• You stop your ship suddenly using the stop key (Backspace by default). 
• Your ship is in close proximity to another object (except when autopilot is active). 
• You collide with something (whether autopilot is active or not).
There are currently discussions underway as to precisely define when SETA can or cannot be used