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I can see the bungies slipping of that way.
I run my SM tanks with the handles out and regs pointing down.
Could you please share the reasoning behind having regs pointing down? Also, just to clarify: by "pointing down" do you mean that the valve blows air away from you, and sits between you and the reg, or do you mean something else? Are you using the right backmount tank as your right or left sidemount tank?