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I have done a few of these. For paracord people I use a wooden bead for a head. Put a bight through a wooden bead and then attach it to a key ring. I also use scraps to carry bottled water. I tie a constrictor know around the neck of the bottle, follow that with a square knot to be certain it won't come loose, then tie the ends together with a square knot or a doubled up overhand, and I clip a carabiner to it. Quick and easy carrier for a water or soda bottle. Also, I've heard of that formula many times, but I never use a ruler to measure my paracord so I always have scraps.
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