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I grew up on a cattle ranch, where we used the "old style" splice all the time. The new style looks like an improvement, but I wonder if you couldn't eliminate the washer by just making a loop in one end of the wire, and then loop the other end through the first loop. I'd be also inclined to bend the wire back over once it's through the nut, sort of as a safety. But the basic idea is clever, and looks quicker and easier.