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In this paper we analyze P2P live streaming systems. Through this analysis we obtain the crucial parameters for their performance in terms of bandwidth utilization, set-up time, fairness and stability. We propose a sender driven multi objective decision function for neighbor selection in order to adapt the distribution of available bandwidth to the overlay connections while simultaneously we further exploit the locality properties of an overlay. At last we develop and apply a receiver driven block selection with a content diffusion optimization algorithm that achieves fast and efficient diffusion of every block. The evaluation of our system reveals its very high levels of performance in terms of setup time, bandwidth utilization, its fair behavior in the distribution of available aggregate bandwidth in various nodes and the minimization of duplicate block transmissions. Finally by comparing our system with other recently developed we observe that it vastly outperforms.