It's kind of an old school style, but I prefer it myself. Usually the bass drum is upright, not tilted.
The left hand is used on the vibrating head to control the ring, the knee can rest against the beating head or not to control the amount of ring of that head. I like it because it gives you control over the ring of both heads.
Most school ensembles now use a tilting stand and use the left hand to muffle on the beating head. If the vibrating head needs muffling, a towel over the back of a chair is placed against that head. There is also a device designed by Tom Freer that lays on the beating head, with a strap around your neck to lift or lower it so you can use both hands to play.
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