I go back to before guitar straps were popular and we used to buy either braided or twisted neck cords. Most had a tassel and sold for about $ 0.25. They were tied around the headstock just behind the top nut and was completely satisfactory to most. Ocasionaly someone would tie it around the headstock between the first and second machine heads. This for no particular reason. In later years the button on the neck heel became popular. This was a balance issue and pros and cons for either method can be argued indefinitely.