No wonder ! A series of two or more half hitches ( which, if they are permanently loaded from both sides, we better call "nipping loops" ), can hold anything we wish, including the gravitational pull between the earth and our bodies...

Indeed, they can be used as a climbing hitch, with the same, or even better, holding power than any climbing friction hitch utilizing coiled rope knots. (See(1) and (2)). A series of three half hitches holds better than the tautline reversed, a series of four as well as the best climbing knots.
The problem that the half hitch series has, is that the individual half hitches tend to "lock" in an unpredictable location on the main line (or on the standing part line, in the case of a hitch). So, they can well lock while they are not in touch with each other, so the overall knot is elongated more than it should. We have to manipulate the second, third, etc.. hitch, so it moves alongside the main line, and gets in touch with the previous one, while it is already locked, and keeping it locked. This is an unnecessary complication for a simple binding knot. Of course, with only two half hitches, this effect is not so evident, but it is there nevertheless.
Also, a main line or a standing part going through series of half hitches can not be taut progressively, and maintain its holding power during this procedure. We have to unlock the whole series, tighten the hitch, and then lock them again. Not exactly what the shrinking piece of corned beef meat is asking from us to do ! We have to carefully distinguish the binders/hitches that can be taut progressively, continuously, and hold well during the whole tightening procedure, with the ones that can not - as the series of half hitches.
Another useful distiction between different types of binding knots and hitches, is given by Ashley. He describes a feature of the knots he calls "Jam" knots :
"They are akin to Nooses, but, once drawn up, they are not intended to render, or else they are supposed to hold temporarily while the end is made fast. They may be tied in the initial girth of a lashing, and do not have to be held on hand while the lashing is completed, as the ordinary Noose does." 1)
http://igkt.net/sm/index.php?topic=2849.msg17331#msg17331 http://storrick.cnc.net/VerticalDevicesPage/Ascender/KnotPages/KnotHitchSeries.html2)
http://igkt.net/sm/index.php?topic=2849.msg17119#msg17119 http://igkt.net/sm/index.php?topic=2849.msg17221#msg17221
http://igkt.net/sm/index.php?topic=2849.msg17246#msg17246