Different loom stitches

I've been learning new loom stitches. I'm just picking up bits of info here and there online, and I wanted to know the difference between the stitch I was taught (by a cast mate in the King and I) and what other people call the Double Knit 8 or EW or Twisted Knit. I don't know the name of beginner stitch, so I'll call it Beginner Stitch! Basically, the Beginner Stitch wraps each peg in a figure 8 style. The Double Knit 8 is where you skip a peg, like this:

This stitch is faster (at least for me) to do, since you don't have to turn the loom. You wrap one row down, then the same row up, wrapping around the pegs that you skipped.

The result is a tighter stitch. I think it might take more yarn too, but there's not a huge difference. The scarf in grey is done in Beginner Stitch, the one in blue is done in Double Knit 8 - in both scarves I used 14 pegs on each side, for a total of 28 pegs.

But when you stretch the Double Knit 8 scarf, it has a lot of give. Almost as much as K1, P1 rib on regular knitting needles. I supposed if I blocked it, it would open up every further.

I'm not sure which I like better. Then again, I don't have to pick, I can make both - and more. MORE LOOM!