Figure 8 Loop
Although secure and simple to tie in the manner shown above, the Figure 8 Loop is one loop that is probably used too often.  It tends to jam when seriously strained, consumes a great length of rope, and is exceedingly difficult to adjust its size, position, and excess.  Also, it is cumbersome to tie by its retracing method when needed to be tied around or through an object before closing the loop, shown below.  

In some conditions, a serious loading of the loop legs in opposite directions may cause the knot form to flip toward the rope ends.

The Figure 8 Loop is often praised for its strength, but whenever the task is critical, a few percentage points of strength advantage should not make any difference if properly sized rope is employed.  As pointed out on the
frequently asked questions page, you shouldn't assume that your knot is the weakest link in your line.  Wear and severe curvature in the rope path will often pose a more significant threat to line strength than your knot, and the working load limit of your rope should provide ample protection against it.

Figure 8 Loop Retracing Method

Alternatives:  Zeppelin Loop, Water Bowline