Crazy idea? No possible?

This might not be possible, but what if you got together a party of monks and each used life bond on one of the other monks, resulting a circular chain of Life Bonds. Would this have the effect of halfing the damage multiple times and therefore making it barely do any damage regardless of who is attacked? I just randomly thought about this, there is probably a fatal flaw.

Life Bond only works on physical damage... and back to the caster - Life Bond is doing something close to life steal damage.