Does it work? Well I've used it for over a year now and it shows no sign of breaking.
It occurred to me that this technique could be used in many other situations so I thought I'd share it as an Instructable.
Step 1: What You Need
2. Fuse wire or other thin gauge wire. I used the 10 Amp wire for this job
Step 2: How To...
When done, tie the wire off so it won't unravel with use. Watch the ends so it doesn't poke you or snag the rope if that's what you use through the ring.
The finished product is what you see on the first page of the Instructable.