It's called the Farrimond Friction Hitch and it is a quick release hitch that is also an adjustable hitch. It is useful when the length of a line will need to be occasionally adjusted or tensioned. The real beauty of this hitch is that when it needs to be released a quick tug on the free end will untie it.
It is a form of prussic knot and can be used in place of a tautline hitch.
See the diagram below for instructions on how to tie it.
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