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I was wondering. Does anybody know if what I am describing with the ponchos already exist? Something the size of a mylar blanket or 2 when packed, but can be filled with insulating material?
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Garbage bags. I couple can be used and filled with "dry" leaves and grass. I know we were always taught that you want twice as much below you as on top of your. I used two large trash bags as my ground insulation and they were stuff to the brim and before I laid on them, they were like two feet of dry debris. Hell, we had an instructor that just raked a massive pile of leaves and climbed inside (it wasn't raining).
I do commend you for trying it out. Your shelter should do three things:
Keep the rain or precipitation off you
Block the wind
Provide insulation and/or reflection of heat (exothermic or your own)
It's hard to find what works without trying it out. Academics is great, but you really need to experiment to find out what works best for your area. I've always found the hardest or most important to deal with is conduction, or loss of body heat to the ground; wind, and staying dry.
Depending on the temps and precipitation, it does take time and calories to build an effective shelter. While it's good to practice, it's also a good reminder of why a few modern essentials are absolute game-changers for such conditions.
ROCK6