I've seen sheath knives on pack straps -- handle down/ tip up ( usually on the lift side). I've tried, but I can't see any reason why tip up is better than tip down.
Please advise.
Depends on what you are doing.
On a pack - no. Good way to loose your knife.
On an LBV or a Life preserver it's a different story. You use tip up when you have to engage that tool one handed. Under those circumstances Tip Down is easier to engage with either hand.
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