Cast on 48 stitches (be sure to leave a long tail)
Knit 2.5 inches
Next Round: knit 1, yo, k2tog, knit to 3 stitches before end of round, ssk, yo, k1
Knit 2 rounds
Next Round: Knit 6, make 1; repeat to end of round (56 sts)
Knit 3.5 inches
Knit 5, k2tog; repeat to end of round (48sts)
Knit 3 rounds
Knit 4, k2tog; repeat to end of round (40sts)
Knit 3 rounds
Knit 3, k2tog; repeat to end of round (32sts)
Knit 2 rounds
Knit 2, k2tog; repeat to end of round (24sts)
Knit 1 round
Knit 1, k2tog; repeat to end of round (16sts)
k2tog; repeat to end of round (8sts)
Pull remaining yarn through the last 8 sts and weave in end.
Fold the top inch of the bag to the inside and sew down using the end from the cast-on(to create a hemmed top). This will help the bag hold itself open and keep the top from rolling.
Put the carabineer through the two yarnovers so the bag can hang from your belt loop.