I have heard talk of this for years. It will never happen for a multitude of reasons. One of which is outlined by the post below.

Geosynchronous orbits are used whenever you want something to stay in the same relative position to an observer on earth - such as weather or communications satellites. However, the article says that this satellite will orbit only a few hundred miles above the earth's surface rather than the 26,000 miles necessary for geosynchronicity. It will be moving pretty fast and orbiting the earth around 15 times a day at that altitude, so something here does not stack up.

Yes they are. Communication satellites are in synch with the earths rotation and remain in one place relative to earth. Yes we can do this. Artificial moon for light verses trillions of lamp posts.

Yes - Geosynchronous Orbit - traveling around the earth at the same speed as the earth