Find a locker plant that will let you have a set of beef lungs with windpipe still connected. Hang lungs up by windpipe. Pour fresh blood into windpipe. When full hang in cooler until blood coagulates. Leave in cooler 24 hours. Take out of cooler and slice into cubes.
Because of the consistency of the lung, the lung absorbs the blood. When you put the slices on the hook, the bait will stay on the hook, but the blood will still bleed out, re-liquefying in the water.