After seeing the thread on amsteel soft shackles I found a "how to" video on youtube about make 550 cord soft shackles. I made a pair out of 550 cord soft shackles and tested them on the hammock. I put one on each side of the hammock and sat in it, bounced, and swung and they held fine. Someone had said they should hold 800 static pounds...well they definitely hold 220 pounds.
The soft shackles I made are 24" long to start and then follow video to make them. It ends up being a 4" loop when closed...I tied a figure 8 knot at the end and melted the end really well. There was no burning or stress that I could see after sitting on it and I will be using one with my hammock to test long term durability.
Here are the pics of the finished product. http://www.youtube.com/watch?v=0i-8RUL1XK8