The discussion centers around the conservation of mechanical energy and momentum for a stone sliding down a frictionless ice-covered hill. Participants argue that if mechanical energy is conserved, then momentum must also be conserved, as no external forces are acting on the system. However, it is pointed out that gravity and the normal force are present, which complicates the momentum conservation argument. The consensus leans towards the idea that while mechanical energy is conserved, momentum is not conserved due to the forces acting on the stone. Ultimately, the original statement claiming that momentum is not conserved is deemed true, as the stone's momentum changes while sliding down the hill.