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I take the 34000# breaking strentgh and use 5-1 safety factor= 6800# then reduce that by 50% for loss of strength for knots and 10% for splice and come up with a safe working load of 3000#. This is 5x less than were it broke.
I am very comfortable with this and using it in a knotted use.
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You've slightly over-reduced: take the weakest link,
but don't add the weakenings (i.e., that 50% figure subsumes
the 10% splice loss). And thus you'd get 3,400#. But don't
assume 50% for HMPE (or, I think, other high-mod) cordage;
25% is safer!
As Nick states, a key first problem with HMPE is slipperiness.
Somewhere on this forum (either Rigging&Roping or Climbing)
Brion Toss posted some videos of his testing some eye-knots
in 5/32" HMPE 12-strand line, and --amazing to see-- a stoppered
double bowline just slid right down its eye, collapsing the eye
to the pin and the breaking !! It was as though the stopped-off
tail bight (that rabbit out of hole around tree back into hole part)
was a fig.8 rappel device being pulled down through turns of
the line! He then tested a sort of Water Bowline I suggested,
and that held, but broke at what he guessed (w/o measure)
was a low load. (Btw, his 2000 Sail article is rather scarce of
details, basicly saying Don't Knot. A follow-up Practical Sailor
article was, well, laughable, w/some similar results and some
major questions.)
Subsequently, we arranged to have several (5) of my *own*
eye knots tested, in blue urethane?-coated 12-strand Dyneema
SK-75 (the strongest present form, or was). The results were
sobering/humbling (IM*H*O) : the range was about 33%..42%,
scarcely better than an Overhand-knot-in-the-line breakage!
In absolute figures, this was 13_431#-rated 5/16" Endura-12
coated breaking at around #5_000.
(boo)
Well, heck, at least I solved the slippage problem!
But I didn't solve the untie-the-knot problem, as those knots
are darn tight. (Maybe w/a spike and some grunting ... ; but
I've not wanted to do that before further eyeballing analysis.)
*knudeNoggin*