I recently read that you can use anything starting with 127 as a loopback ip. I was messing around and I found that most of them work, however 127.255.255.255 does not. Is this because it is at the top of the range? I am testing it with nginx on ubuntu 14.04 but I suspect there is a very important reason for this and it is not just a random anomaly.
If I remember correctly from my study years loopback can be configured on any address/network you want. And 127.0.0.0 and 127.255.255.255 are probably network and broadcast addresses.