PERPETUAL MOTION
Perpetual motion is a mechanical system in wich no energy is lost. Meaning that it will keep doing what its doing for the rest of eternity. In this example the device uses the weights in the hole and the force of gravity to spin the wheel.
But the friction on the axle takes away energy and the wind risistance also does this. To circumvent the air risstance you would have to build a near perfect vacumm chamber because if there is no air there cannot be any air risistance. Friction however is a much harder problem to deal with. Currently the best way to eliminate friction is to use magnetic suspension but magnets eventually get demagnatized. In the second paragraph of this article about permanent magnets it says you would have to take a steel bar hold it verticaly and strike the end of the bar doing this creates a permanent magnet that could be used to remagnatize new other magnets within the machine.
2nd page