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Yes, it is a real gravitation shield! Well, not really, but it is a great thing to astonish people at first and then make them remember the electromagnetism they have been taught at school. It is also a great conversation and demonstration piece in a class studying electromagnetism.
Also, it can be done in five minutes if you find the materials.
It DOES nothing, but, to keep it short if a magnet moves near a conductive something it creates electric currents in it. In the tube they go around the circumference of the tube and create their own magnetic field, which repulses our magnet. And this makes it fall 4 times slower.
Step 1Find the tube
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You need a longish (30 cm - 2 meters, it is perfectly your choice, about 1-3 cm inner diameter ) piece of conductive and non-ferromagnetic tube. Aluminium works well, but before buying it search the house, it is very likely that you'll find it somewhere. I cut a piece of the hanger rack from an old wardrobe.
Nice Instructable, maybe it should say eddy current damping somewhere (and not in Cyrillic !!)
You are quite right (and so is your spelling)
http://en.wikipedia.org/wiki/Eddy_current
Also, you have two pics of the magnets in step two, but no explanation as to what the difference is. Can you clear that up, too, please?
One of the magnet photos is the way I store them- with little plastic circles between them, and the second one is how I use them (they are stronger when closer to each other).
As Mr. Math said, explaining why this is interesting, what people should see if they build it, and maybe a link to a video, would all make it more accessible.
Remember, you're the only one in the world who already knows about your project. What you're writing here on I'bles is for people who don't know anything about it.