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// update input text color + bg (not guaranteed to work, should give the idea tho)
picker.on('change', function() {
    // math based on jscolor
    var color = 0.213 * this.color[0] +
        0.715 * this.color[1] +
        0.072 * this.color[2]
        < 127.5 ? '#FFF': '#000';

    this.controls.display.setStyle({color: color, 'background-color': this.toHex()});
});