Easiest way to do it is Velcro OneWrap: http://www.amazon.com/VELCRO-Brand-Double-Sided-Multi-Purpose-Camouflage/dp/B00JWU77QE?ie=UTF8&psc=1&redirect=true&ref_=ox_sc_act_title_1&smid=ATVPDKIKX0DER

3/4" wide makes best sense, unless there are other constraints.  Same thing as the more expensive, slotted Velcro pictured in OP, but you can cut to order because it's not slotted.

The OP pictured a sewn-over end of strap, and cleverly used the capture feature on his version of Velcro tie to capture the thing onto the end of the strap.  This is well-done, and it will serve well to retain the strap wrap.  OTOH, colors are important nowadays, not to mention how much black stands out when seen with night vision devices.  My suggestion is presented as an alternative which may, or may not be, better, depending on one's needs.

These wraps (and even other devices, such as the web dominator)  are easily lost, so try this trick:  Cut the main wrap a little longer than you think necessary.   Use a short section to Velcro the main OneWrap strap to the equipment strap.   It will slide up and down, and not be lost unless you let it slide off the uncaptured end of the loose strap.  IOW, if the end of the strap has some means of capturing the assembly, such as a simple sewn turnover, then even that might prevent loss as long as the trick above is employed.  Best of all is if your gear has sewn-on loops at the ends of the straps.  Then, buy appropriate width OneWrap, and use the trick above.  It's there until it wears out (and it will, eventually), or until you remove it.

ILBE packs have such, and when new came with Velcro straps that were easily lost.  Replace them using the OneWrap, and the trick above.

FWIW, I don't bother securing straps unless their free length exceeds about 6" or so, and not even then if they often need adjustment.  I'll wrap-up excess strapping to about 6" or so, which length is easily grasped by a gloved hand for adjustment purposes.  YMMV.  I am very reluctant to cut what, at first glance/use seems to be excess strap, because such extra length might come in handy in exceptional circumstances.  Again, YMMV.  The old saying "Easy to remove, hard to add" comes to mind.

Not a bad idea for Ranger bands.  Thing is, you'll have to find a bike shop that has some of this particular inner tubes in their trash, and if so, they will be happy to give you what they have--at least in my experience.  You sure don't want to buy a new road-racing inner tube.  Most bicycle inner tubes nowadays are way too big for strap retention purposes.  But do look around, and take advantage of the situation.  Give them a few bucks for their favorite charity.

Well, aside from my never having seen a longer internet link, see this:http://www.ar15.com/forums/t_6_10/463652_.html&page=1

Good overall advice; I don't fret about loose straps much.  I offered my advice for those that do, and I don't condemn them for doing so.