Is this hanging method I made dangerous

I took a washcloth folded it so it’s thick and long. I wrap it around my dick and then I take a double thick shoelace tie it like a noose around the facecloth squeeze until it’s tight around my dick. Then I tie the end of the shoelace around a dumbbell weight.

That’s not an hanging method. It’s a strangling method. You can easily make a homemade hanger
Homemade Hanger Models and Instructions

I recommend the AFB hanger, but that’s just my personal preference.