What I can remember about transmission line theory
It's been a very long time...
The blue hose (transmission line) has a characteristic impedance determined by its distributed inductance and capacitance. Presumably, the characteristic impedance for blue hose is 150 ohm. If you inject a signal into a line that is terminated with anything other than the characteristic impedance, you will get reflections. Low values give negative reflections and high values give positive reflections. The reflections interfere with the injected signal causing attenuation or complete loss at different points along the line determined by the wave-length (frequency) of the signal. You should note that if the line is pinched, kinked, or otherwise damaged anywhere along its length, the point of damage will also cause reflections.
Now, if somebody could explain why the termination should change to 82 ohm when operating at 230K baud....