Given that this thread has turned into Gravity Science Review, I feel free to join the party.
The use of the term relativistic mass is quite misleading, as indeed it may iduce to think that particles do have two types of mass, what intuitively we call mass, like a stone. However, a lot of texts use simply relativistic energy and invariant mass to refer to both phenomena. As you have pointed out, Einstein established a relation between energy and mass, which is a relation between both, but this is mainly useful in the direction from mass to energy, no the inverse. I mean, you can say that a mass is equivalent to certain amount of energy, so one can determine the amount of energy that would result in the process of a mass converting into energy, like in the atomic bomb. This has the result of being able to treat both mass and energy like energy (physicists like energy). However, a certain amount of energy can't be interpreted as invariant mass in any case. They are different physical phenomena, and therefore classical physics models can't be applied to them.
Mixing different models can look interesting but it leads to unsolvable inconsistencies. This can be very instructive though, so they are worth considering. Newton's models don't have any explanation for what a photon is, it was of course unknown at that time, and there is no way to describe its motion using Newtons laws. Lets' try to follow the conjecture you propose of a photon in a Newtonian model. If a photon is a massive particle moving at the speed of light, which we assume is not a limit speed as in relativity but some very high speed, a gravitational field would exert a force to the particle, changing its trajectory and eventually reducing its speed. That however does not happen, as photons travel always at the same speed. That even could lead to the photon to stop, which again, doesn't happen. Furthermore, in this Newtonian model, the gravitational potential energy of a photon escaping from the sun would increase very quickly, but then, since the photon doesn't stop nor reduce its speed, the total amount of energy, kinetic plus potential, would be increasing overtime, which violates the energy conservation principle, unless you start adding more and more esoteric conjectures. Therefore, to keep Newton's laws alive in this conjecture, one has to admit that photons do not obey them or that photons aren't affected by the Newtons notion of gravity.
As a summary, you can regard the relativistic mass as the hypothetical mass that a massive particle should have to have the same amount of energy-mass as the photon. Also, models overlap each other, as relativity explains things that Newton's laws can't. However, it does so by completely changing the basis to interpret the natural phenomena and only keeping some very basic principles: conservation, causality, etc. Think of poor Maxwell being completely unable to explain why electrons in an atom don't lose energy by radiation and collapse, and yet his equations describe most of the electrical phenomena discussed here at ASR.
Of course, this fundamental subjects are very tricky, and I'm not an expert, so don't take my word for granted. Hope however that this encourages you to keep researching. Have fun.
Rest assured that I will not take your word for granted, or anything a little bit like that.
Instead of speaking of the "relativistic mass" of a photon, I should have used the common descriptive "effective mass". This is neither here nor there. I like the term "relativistic mass" because while Planck's equation gives the energy of a photon, it is by way of the 1905 Theory of Relativity (now known as the "Special Theory") that we know the mass equivalent for the energy. Your notion that the mass-energy equivalence is a one-way equivalence is silly.
Photons absolutely do possess mass, and the mass is exactly as I explained via the equation I obtained by the simple combination of Einstein's most famous equation with Planck's equation. The combining of these two simple equations is perfectly obvious and there is nothing the least bit incorrect about it.
As for the question of whether Newtonian gravity applies to the photon, this question is not as simple as it may seem or as we might prefer. The best answer is that it does, notwithstanding that the predicted acceleration is not correct (and notwithstanding that even though Newton had proposed the corpuscular theory of light, he wouldn't likely have thought that light would be affected by gravity because he had no understanding of the mass of corpuscles of light). The 1915 Theory of General Relativity and Newtonian theory both say that the curvature for a particle or object moving through a gravitational field does not depend on the mass of the particle or object. The curvature predicted by Newtonian gravitational theory is intrinsically incorrect for any object, not particularly so for photons. And with respect to photons, the reason that it is incorrect is unrelated to the fact that photons do not have rest mass. It is not readily apparent that the gravitational acceleration predicted by Newtonian theory applies to all objects; the reason that this is not readily apparent is that the error is only significant when the speed of the particle or object is very great. For particles moving at very high velocity, General Relativity predicts the correct curvature whereas Newtonian gravitational theory does not. It is appropriate to note that Newtonian gravitational theory is incorrect for Mercury (as I previously mentioned), as had been known for some time before Einstein came along, and which discrepancy between theory and observation was the primary impetus for Einstein's development of the General Theory. Perhaps it would make sense to say that Newtonian gravitational theory does not apply to Mercury.
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