If you still spin CD's their is a reference level Transport for reasonable money

Denafrips Terminator 6Moons Blue Moon Award 2017: "A 'Budget-Priced' True Reference DAC"

Perhaps the word 'Reference' isn't important....

BTW, the DAC in his stable for the comparison was the Formula and not the La Scala. Let's continue what you quoted above:

"Right there, at ¼th the Formula's price but with added DSD, the hammer fell....Ultimate transparency opposes ultimate body. It's bone versus flesh. Our Formula sat closer to the transparency polarity. By definition, this meant a slightly leaner more lit-up lighter presentation. The Terminator moved over a bit to the opposite pole. This included more voluptuousness and weight. Quite by design, it mellowed whatever glare the Formula couldn't exorcise on poor productions. Audiophilia calls that more forgiving. It means that more of your bad recordings sound better. Only radicalized audiophiles call that irrelevant."

Full page linked here for acknowledgement and reference:

https://6moons.com/audioreviews2/denafrips/4.html

They are opinions I'm repeating.

Yup, Third Person works like a charm. First person be torpedoed. : )

Heck, one reviewer, whose opinion I respect was mightily confused by this DAC. These are points in time, with very specific systems during those periods, not necessarily optimized ones to a specific component. So my findings are different than Srajan's. This is coming from a guy who values Srajan's take on gear and has purchased based on his recommendations. I will be purchasing a speaker he loves, in a few days. I also find it interesting and curious that Srajan is searching for amplification that offers much of what he "found" the Terminator's strengths to be, in his system at that time, for his current fave system.

I'm a high resolution listener and I'm saying I have been able to get the resolution you are likely looking for, at a fraction of what you are looking to spend. I can easily and inexpensively make this DAC lush, but I would not want to, nor have I.

Over the past year, many warm and less resolved components, including speakers, components, cables, etc. have found their way out of my system. The Terminator has stayed. I can easily make it less musical and focus the spotlight on the details...but that's not what I want or am about.

Far easier to get a resolved system than a highly resolved and highly musical system. The Terminator plays that way more difficult hand well.

My proposition saves you around 12K or more new. The Terminator sells well on the used market and your loss will be minor. The Rockna, or the others,...well... : )

That 12K bought me a reference level 2A3 amp and preamplifier.

And yes, I did actively consider both DACs on your list: the Rockna and Aqua; as well as the EMM Labs DA2.

I believe the Rockna will be the better option, given what you have shared, than the Formula xHD, that is if my 2 cents hold value, for you. : )

All the best.

What is going on? I know that in the review he was comparing the Formula with the Terminator. However you stated that in the review he says they were voiced similarly......which he didn't. Even in the portion you just quoted, he says they're not only not voiced differently, but voiced at opposite ends of the spectrum. The Aqua on the transparent end, the Terminator on the full bodied end. This is not in contradiction to anything I've said that reviewers have said. I'm not sure why you're framing it as such.

Again, I think you've confused things I've said.

Resolution is not the same as transparency. I have no doubt that the Terminator is extremely resolving. Almost everyone has said as much. However, if it's voiced to be lush, then it is embuing everything that passes through the DAC, with that lushness. Which takes away from transparency. Yes, nothing is completely transparent (my Tortuga preamp might be). I know this. But that's not the same as being purposely additive. Which the Terminator is. And that's not necessarily a bad thing if you aren't looking for extreme transparency. But I'm not looking for musical. I'm looking for something to pass along information untouched. That's just not what the Terminator does.

I've read very few reviews that don't paint the Terminator as being an amazing DAC. In the next few months I might own one if I conclude that the Rockna is to far above my budget (it kinda is). I'm really wanting to spend much less than $16k. But at the same time, I don't want to be looking at DACs for a long time either. 

There is a used Rockna in Houston. Might be worth the drive there to listen to it in person. I doubt many used options come up. 

@david_ten 

If I were financially in the position to buy it today, I would. Though I want a black one. I'm also really wanting to hear some reports on the quality of the Jay's Audio dac. Even though the price point is lowish, if we take into account the price of the CDT2 versus its performance.....I think the Jay's dac could be a giant killer. At least I'm hoping it is.

Anyone in the NYC area? I would live to hear one. Or is there a way to hear one in my own system with a trial period?  I don't buy anything based upon anyone's recomdation anymore. Not that I don't trust any of you but I don't.