While making it halfway, I had an idea. What if I used that technique and knotted it round a wire to make earrings? So I tried it out. It was pretty funky.
Get some strings, earring hooks, wire hoops and pliers. You can get them at Beadspin behind Tampines MRT station.
Instructions
1) Using the string, make a double knot at one end of the wire hoop.
2) Hold the hoop in your left hand with your thumb, extend your index finger.
3) With your right hand, take the end of the string and wind it around the back of your finger. DO NOT MAKE A COMPLETE CIRCLE.
4) Then bring it through the hoop from the back and through the loop round your index finger.
(steps 2-4)
5) Pull taut and repeat until you have gone round the whole hoop.
If my instructions are not clear enough, you might want to check this out. Just modify it a little, instead of wrapping round another string, it's the wire hoop.
Maybe you could give it to your friends as the alternative friendship band. :D