Negative. Big, cussing, dripping, stinking negative.

I used to use paracord for this. Then one night, I set up in swamp. About three in the morning, the 550 line snapped at a knot, and dumped me and my hammock and my polypro into the swamp. Needless to say I was cussing, dripping, stinking and very negative about that.

Knots kill strength, and it is cumulative. Square knot costs you about half the strength of a line, most others do the same or worse. So two knots in a length of 550 cord turns it into 175-ish cord! Try 1" or wider nylon webbing- that has a rating of at least 4000 pounds (two tons). If that breaks, you either have annoyed some gremlin, you've got a fun hammock, or you are a REALLY big guy.

Better, have an industrial stitcher (an upholstery shop can usually do this) sew loops into the ends. Or just use a tow strap. Actually, you need two. Wrap them around the trees several time. Use climbing 'biners to clip the ends and the hanging loops on your hammock together.