Absolutely true. But the spring is what keeps the bottom side of the slinky from falling with the center of mass. The spring is in actuality closing from both sides, but since the spring is falling at the same rate as it is closing upwards, it appears to stand still. Essentially, these two concepts together make for a really cool physics demonstration.
"There remain four irreducible objections to religious faith: that it wholly misrepresents the origins of man and the cosmos, that because of this original error it manages to combine the maximum servility with the maximum of solipsism, that it is both the result and the cause of dangerous sexual repression, and that it is ultimately grounded on wish-thinking." ~Christopher Hitchens, god is not Great
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