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Have you considered a "Daisy Chain Knot" for storing line? I've used this with a lot of success outside of backpacking. Just in case you're not familiar with it here's a link. In this video they refer to it as a "Monkey Chain Knot":
http://www.flixya.com/video/145940/Monkey_Chain_Knot
They don't show it in this video, but you can double the line over itself one or two (or more) times before you start the knot to male it more compact.
I currently use for my hammock a few cut down velcro cable wraps. I like them because they stay attached to the line when not in use so they won't get lost. I found them at Home Depot and come a package with 2 rolls of grey and black. I just simply cut one in half (or shorter) and trim down the sides and it doesn't even register any weight to the hundredth of an once on my scale at home.
Edited by ekim765 on 06/12/2008 10:47:07 MDT.
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