I believe the Nagra streamer is the same as the PlayBack Designs streamer that I had. The low end one for $3k. The Nagra DAC is also a PBD DAC design but with different boards than in the PBD DACs Andreas Koch of PBD mentioned the DACs in an interview and I read something about the stream online.
DAC for sure. There was someone comparing my $3k PBD streamer to the $13k or $20k PBD streamer and they could not tell the difference. Most likely because fibre was involved. PLINK in the PBD case but you can use something like a OpticalRendu for similar non-proprietary results.
