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I've had trouble finding Shoutcast stations with sufficient sound quality (and a music I want to listen, and that are 24/7). Looking 160+ Kbit/s here. Nearly all stations only offer 128 Kbit/s. Besides, if the Shoutcast worked intelligently, it would never recode the songs anyway (assuming that there is enough bandwidth to run the original bitrates). A recompression always reduces quality, even if converting to a higher bitrate..
And I couldn't listen most of the songs out there on repeat anyway, but there are few that work that way too.
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