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

@lordcloud   All of our gear is 'voiced' as it is designed by humans, most of whom (one hopes all) listen to their products through development to commercial release.

I have over a year of deep experience with this DAC. With multiple changes in amplification, server, player, power, cabling and isolation, it has stood the test of time and has kept pace with each system related change. In fact, as the system has been fine tuned and optimized it has scaled beautifully.

This product walks that very fine line between timing+musicality coupled with an extraordinary ability to retrieve musical information and convey it with nuance and subtlety, all the while maintaining that 'elusive' balance.

It took me awhile to realize just how resolving and detailed this DAC actually is. It's not something it shouts out, which says volumes.

All the best in your decisions and choice.

While all equipment has a voice, I am not sure that all of it is voiced to sound a specific way. Yes, most is, but many also want to simply let as much information through as possible, while not sounding amusical. Price, experience, knowledge, materials used, etc. dictate how much of a voice a component has. 

I think that components like the Rockna, MSB Select DAC II, Aqua Formula, etc., try to be as transparent as possible, while the Terminator tries to impose a specific sound on the signal it receives. All components have a sound, but some are more overt than others. The Terminator seems to have a more overt sound, which almost everyone seems to love. I am just not sure if I will, as I want as little of a component's sound as possible, and as much of the sound of the music as I can get. Even if that means it sounds really bad.

I believe a component can be extremely detailed while still being very colored. I want the detail, with very little color.

I think that components like the Rockna, MSB Select DAC II, Aqua Formula, etc., try to be as transparent as possible, while the Terminator tries to impose a specific sound on the signal it receives.

And how do you know this?  You have said you would like to audition it, correct?

The statements you have made are based on reading (as far as I can tell from your above posts). They are not accurate nor valid, like the one above and the one below: 

If the Terminator wasn't voiced downwards

I have no problem at all with you choosing another DAC. At the end of the day it's your system, your money, your decisions. But I do have a problem with the statements you have been making.

BTW and FYI, Srajan's 6Moons review of the Terminator compared it as being exceptionally close to the then Aqua Formula. The current xHD version is described as being ahead now, however at a price point of ~USD $17K.

Per your own definitions, I don't believe the Aqua will meet your needs as both it and the Terminator are "voiced" similarly, per the reviewer who has extensive experience with the Aqua Formula and which remains his primary DAC. 

I think the Rockna is an excellent option. Your statement of what you are looking for is commendable in it's honesty, though I don't believe the Rockna will sound "bad" at all : )

I want as little of a component's sound as possible, and as much of the sound of the music as I can get. Even if that means it sounds really bad.

I also want you to know that both the Rockna and the Aqua Formula xHD are DACs that are on my list, should I decide to bring in other DACs, at some point in the future. 

I'm letting the other readers know that the Terminator will deliver exceptional performance at a fraction of the cost of the other DACs mentioned.

In my experience, since October of 2017, and with over 2000 hours of dedicated evaluative listening, I can state with confidence that it is a highly resolving and highly musical DAC.

@teajay   TJ, my apologies for my non Jay's Audio Transport posts... I felt the statements being made needed to be addressed...I hope you understand.

@david_ten 

Alvin, from Vinshine Audio has said this "FPGA coding on Terminator is tuned to produce lush, dynamic and musical sound." And just enjoy every single review has said the exact same thing. You can have whatever problem with the statements you think I'm making that you like. But they aren't statements I'm making. They are opinions I'm repeating. You have your opinions on what you hear, and they are just as valid as everyone else's. When you hear the words lush and warm, repeatedly about a product, you tend to think it might be lush and warm.

The 6Moons review did not say they were voiced similarly. He said this " and reseating a pair of XLR cables and the digital link. In no time and with no uncertainty, this showed how the Terminator was lusher in the midband; and had more general gravitas as though each of its steps left a slightly deeper imprint in wet sand. This moved color depth, tone body and dynamic impact into the foreground. In fact, this very much sounded like I imagine a combo of the Formula's power supply and resistor ladder would behave with the La Scala MkII's tube-buffered outputs;". If anything, he seems to be saying that it it voiced similarly to the La Scala, as opposed to the Formula.

I've heard the Formula. It is not lush or warm, and I've not read it often as being characterized as such.

I think you've misunderstood some things I've said. When I talked about something sounding bad, I was referring to recordings. As in, I want what's on the disc, even if it sounds bad.

I imagine you have some dog in the fight that is clouding your judgement, and leading you to believe that because I don't want a warm or lush DAC, that I'm saying the Terminator is somehow bad. I've not said this at all. In fact I've repeatedly said I've considered purchasing it. But the fact remains that the DAC is lush in the eyes of many that have heard it, and the guy that distributes it. So I'm not sure why you're arguing with me about this, as though I'm just making things up. I'm not.

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.