Check out the story in Wired about Kickstarter and it's C-loop:
Great product indeed, but 40 bucks?
I went to a local hardware shop in my hometown in The Netherlands and bought a screw wich fits a standard camera mount.
Bored a 3mm hole in the screw with the column drill, and completed my solution with a keyring and the little wheel from and old tripod.
Total price was 25 euro cents.