Ping is how long it takes one computer to send data to another one and get a response. Sort of like an echo. Or playing catch – How fast you can throw a ball to someone else and get it thrown back. Lower ping is better, it means you can send and receive quickly.
Packet loss = how much data is actually lost in sending/receiving due to screwy connections. If there’s a lot of packet loss your download and upload speed to that other computer are going to be bad because you gotta send/receive the data multiple times for it to transfer 100%. Usually more noticeable in streaming things like online games and movies.
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