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http://cumulusclips.org/hosting/ To make videos stream faster, reduce the bitrate of converted videos in the admin panel to the point where it is as low as possible while maintaining desired quality.
I had some trouble with symlinks so I just mounted a windows share with samba directly on the "uploads" folder, copied the original contents into the share, and gave user "www-data" permissions to read/write on this share. So far large uploads work …