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yeah your first command looks fine, and as for the difference, it's more a convenience really. masquarading just means to forward the packet on addressed from that interface, rather than having to specify an actual ip address. if you change the ip of the box, the address the masq entry uses will implictly change too. there are many scenarios you'd want to nat to a certain ip address, but it's a lot simpler to just say "snat it to me" whoever you actually are.
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