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and no PHYSICAL signal-on-tape compression of the whole mix
Well.... I guess this is splitting hairs because technically there is no signal to tape here but the Tape Channel marketing blurb clearly says....
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An actual tape drive circuit is used to drive a tiny magnetic circuit and fed to a replay loop and actual replay preamp. “Record” and “Replay” levels are counter-ganged to keep overall gain approximately constant that only varies, as a tape would, with saturation level.
While you are technically correct there is no tape involved there is a
physical process at work here unlike a
virtual process like the math in the HEDD or a plug-in.
Again splitting hairs but there is an analog process going on here that
should be able to replicate the physical properties of recording to tape without the actual storage medium.