I have a 2x2x2 shaped magnet made by the company Starrett.
I believe it is an automotive tool. It has a button on it that when pressed
the magnet loses all magnetism. How does this work? I'm so curious my
brain is cramping up. Thank You!!
Sincerely,
onlylag

Magnetic bases are used by machinists, mechanics, and anyone else who needs to hold indicators or other apparatus. Wikipedia has an uncited magnetic base article that illustrates and describes how they work. The button models either rotate or change the position of the magnet in similar fashion. I've never seen a Starrett disassembled nor had the inclination to take one of mine apart - they're too expensive (example Starrett No. 657AA).