Today has been especially exciting after the announcement of finally detecting the gravitational waves Einstein predicted almost one hundred years ago. This thread is to promote discussion and to help those who pursue knowledge. I do not claim to know everything and the following explanation is completely my own understanding of the natural mechanisms described in Einstein's Theory of Relativity.
A billion years ago, two massive black holes collided with each other and from it released a gravitational wave at the speed of light. As this wave passed through the space-time around it, it would distort space and time due to the "tugging" force of gravity, and would go on to be observed by the scientists who made the announcement today. The model I've provided represents how gravitational waves move through space and clearly shows what form of distortion takes place. In circumstances relative of our own, [url=http://i.imgur.com/sDyXRoJ.gif]this is how objects such as planets and satellites move through and distort spacetime.[/url]
El Burninator has also made an assertion that time is faster on the peak of Mountain Everest while Louisiana time is slower due to the differences in gravity. In addition, the side of the planet in which the moon is over, time is also moving considerably slower than that of the other side. Neat stuff, frankly.
If you have an questions, comments, or see something incorrect with my explanation please let me know.
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To elaborate, since high gravity and faster speeds slow time in relation to their respective opposites, high points like Mt. Everest, which are farther away from the center of the gravity well, have faster time relative to sea level. For this reason, an atomic clock at the peak runs about 2 nanoseconds per year slower than one at sea level, like in Louisiana. Since the moon has its own gravity well, the side of Earth that it's on also slows roughly 1 nanosecond every year, although its orbit equally distributes this effect around Earth. Therefore, if you put a research center on Mars, its lesser gravity well would actually increase the flow of time considerably, allowing for shorter development time for those on Earth at the expense of the researchers' life expectancy in Earth years, although they wouldn't notice because their relative time would feel the same. You're welcome for not sleeping tonight.