Why Isn't the Ring Falling Down?

Earth is curved, and down is not in the same direction everywhere along this ring or it's tethers. So why isn't the ring falling down? The tethers attach to it and the ground not space,. so it's hard to picture how this is actually hanging in the sky from those tethers. If I ran guy wires up to a hot air balloon after all, those hold it to the ground but only because it wants to move up. Shut off the hot air or replace a glimpse here the Ummwith lid and it will fall down and those tethers won't stop it.

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