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We investigate the design of a frame-bufferless and low-latency video communication system, where the encoder has no access to any previous frames and only one use of feedback communication from the decoder to the encoder is allowed in encoding each frame. This strict requirement on encoder complexity and system latency is of critical importance in designing low complexity realtime video communication systems, where the encoder is limited in storage and computing resources and the use of the feedback channel must not incur accumulated receiver playback delay. We propose a simple online statistical model that captures the time-varying video process and develop a general framework that explores how to best utilize the feedback and distributed source coding mechanisms to minimize the overall communication rate. Our analysis and experimental results validate the efficiency of the proposed system and highlight its potential in practical system design.