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what is the alternative to youtube?
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What we need is for PeerTube to use ActivityPub for the searching and listing, but something like Bittorrent to distribute the load of the content delivery.
You are literally describing PeerTube.
I believe that's already built into PeerTube. The p2p (torrentlike) aspect that is.
Isn't that exactly how peertube works? https://framatube.org/w/kkGMgK9ZtnKfYAgnEtQxbv
Haven't read up on PeerTube, but I imagine that you would still need to keep a copy of the video stored somewhere centrally if you don't want it going away when no one is watching it anymore, so even if p2p can help reduce bandwidth costs, you still have storage costs.