In reply to GridNorth:
I acknowledge that none of the components used are designed to be load bearing but we are only talking about body weight, if that and I can't think of a valid reason not to do it. But one never knows
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> To ikSander: If it was easy to dislodge, I assume you mean the axe, I wouldn't ice climb, after all a well placed pick quite often does take near as dammit your body weight.
It was DMM who made the axes with that in mind, but that was quite a long time ago now and they don't do that anymore. I'm not necessarily knocking the technique (though I never do it) but if you did fall off we're certainly not talking just bodyweight onto the axe, it'll be your weight, plus the belayers, plus the slump if you flop off unexpectedly, so you're looking at a few kn at least.
It might also be worth bearing in mind that the outward force on the pick will likely be greater from having the rope over the top of the axe than you pulling on the base of the handle, making the placement that much more likely to rip. If you don't believe that try choking up very high on every placement you make and see if you can feel a differnece in security...