With all airplanes in the sky and with the bandwith of satellites being limited it used to be just too much effort for a low gain. Since the disappeared Malaysia airlines 777 that has changed though, but I’m not sure if the new tracking has been implemented everywhere already.
The 737 that crashed today did so not far off the coast of Jakarta so I don’t think they mean missing in the sense that they have no idea where the wreckage is, I assume it’s more that they haven’t located its exact position on the sea floor yet. They have a pretty good idea where it went underwater.
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