Two things:
1. ReaComp is technically "broken", in that even an infinite ratio still lets a small bit of audio through above the threshold. Most compressors/limiters will cut it off properly though.
2. Attack time is how long it takes the compressor to reach "full strength", like the time it takes for a car to hit 60mph. It's NOT a measure of how long before the compressor reacts. The amount of gain reduction is ramped up to ratio you've set; the car is moving the whole time.
Likewise, Release time is how long it takes the compressor to completely let off after the signal falls below the threshold. As with Attack, it's a smooth ramp down. Think of it as braking a car - you can slam on the brakes, but it'll still take a few seconds until you stop.
As to your original example, with Attack @ 70ms and Release @ 50ms:
- The signal comes up past the threshold.
- The compressor immediately starts compressing a tiny bit.
- Over the next 70ms, the compressor will compress more and more until it hits 3:1 or whatever you've set.
- When the signal drops off, the compressor will spend the next 50ms compressing less and less until it stops compressing entirely.
- If the signal drops below the threshold before the attack time has elapsed, (I think) the compressor will say "alright, I'm at 50% of my maximum compression" and swap over to the appropriate position in the release curve.
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