I think you guys covered this question pretty well, I'll only add this: when you can tie a butterfly as a loop knot, you learn a bonus knot for free: the butterfly as a BEND! One of the butterfly's forte is isolating a damaged section of line, now just imagine that this damaged piece were a...
Check out this link:
https://youtu.be/0wupL8dPTzw
This method does not seem to be widely known, but it has advantages over the traditional methods:
1) speed
2) easily tied with rope weight below you
3) easy to make large loops
I thought I had discovered it, but it turns out it has been known...
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