User Interface with Knobs

Can we make a user interface that uses knobs instead of sliders? Is this better than using sliders? Here is an example of how to create a nice user interface using a knob.

Try it using the knobs, then try it using the sliders. Which do you prefer? Why? What are the tradeoffs? What do knobs do better and what do sliders do better?

Why did we ever use knobs, and why do we see them so rarely now? Are they better in some circumstances?

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