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Does anyone know anything about the origins of this know and the etymology of its name? My guess is it uses less rope and therefore is lighter in marginal gains sort of way, and therefore favoured by those doing competition climbing. But that’s just a guess…
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It wasn't invented by climbers... but, the application of this derived #1412 eye knot as a 'tie-in' knot was first applied by climbers (likely 'sport climbers' on bolted routes or on indoor artificial surfaces).
It is important to understand that all end-to-end joining knots (ie 'bends') have 4 corresponding eye knots. So - #1412 Water knot (ring bend / tape knot) has 4 corresponding eye knots. Knots geeks have known and understood this basic concept for decades.
You can perform the same exercise with #1411 F8 bend. It also has 4 corresponding eye knots (one of which is the well known #1047 F8 eye knot).
Note: Climbers have a tendency to 'rediscover' and then rename knots that were already discovered and known. An example is the so-called 'Stone knot' - which is used with a 'fiddlestick' (a type of open toggle). The so-called 'Stone knot' is none other than a double Marlinspike hitch (#2030).
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<<Quote: Are there any benefits of tieing in this way, other than looking cool? End Quote>>
Not really.
This knot (and any of the corresponding F8 eye knots) are not 'PET' (Post Eye Tiable).
PET knots are much easier to work with.
The only benefit with this particular #1412 derived tie-in knot is to reduce the propensity for jamming. Any of the secure Bowlines offer more advantages... eg jam resistant, 'PET" and 3 rope diameters inside the nipping loop.
My personal favourite is the 'EBSB' Bowline, but I also like and use 'Lees link Bowline'.
Post edited at 02:26