There is a huge problem with that idea think about it carefully ... like it's really really obviously wrong ... lets see if Marosz can think his way thru it without me giving the answer for a change.
All I will tell you there is a device that uses that principle and it fully complies to Newtonian physics like it must because of how we use it ... so I know you are wrong
I will give you a hint there has to be torque on that centre shaft its only a question of if it is positive or negative and that forms part of the answer
I will give you 3 hints:
1.) If there really was zero torque on the shaft on earth here the mass m would simply fall down ... TRY IT Marosz
2.) Now extend the thought I want you to think what would happen in space and why?
3.) For the final hint if this was actually done in space would rotation be the only motion to occur.
Now lets see if Marosz is actually clever and can work it out .. show me you can think Marosz.
