Obviously, the P2P aspect depends a lot on the client too. I could put the m3u of a livestream in say, zap.stream, but then of course, the P2P aspect is defeated.
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It's not very privacy friendly though. Unless you take measures to obfuscate your IP, it is revealed to other peers when p2p is enabled. While this is an option any viewer can configure, logged in or not, sadly it is on "opt-out" basis...