A lot of the fun from live streaming is directly interacting with the streamer in chat. 30s-1m variable (I presume this is HLS torrenting?) latency would dash all the fun.

On the other hand, it may be a feature for some streamers:

"Our service includes built-in stream-sniper protection by default!"

I think a cheap streaming solution using bittorrent would be awesome. You would still need a beefy seed host but otherwise I'd love to something like that exist.

For a lot of cases, 60s of latency is fine.

For streaming I think a big part of the experience is 'chat' all seeing what each other are commenting on the thing that is happening right now, and the streamer's interaction with chat. Throw in a 30-60s delay that is variable depending on user and you destroy that element.

It just depends. Obviously "Twitch plays X" sort of content where there is a lot of audience participation isn't great with that much delay, but there are a lot of streamers where chat is more reactive than suggestive and a delay there just doesn't matter much.

You may want to add in an artificial delay to chat though so it's synchronized to the video.

This does exist, by the way: https://joinpeertube.org/