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In theory, it should be better to scale the waveform but it won't always sound better.
With limiters, you can almost transparently loose the nice transients!
You sometimes wouldn't even know they were ever there, if you hadn't heard the original mix.
I would normally turn to some kind of clipper if I wanted to avoid some of the digital stardust that a belted converter can make.
The clipper can sometimes allow you to not hit the ADC so hard and make up a little gain after it.
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