My LiveStreamer config, pretty simple.

livestreamerrc

# Format is option=value. Lines starting with a # is considered comments
# and are ignored.

# Important: You must use a quoted path if there are spaces in the path. This
# is because the player command is parsed like a shell command to allow
# parameters to be passed to the player.

# VLC
#player="C:\Program Files (x86)\VideoLAN\VLC\vlc.exe"
#player="C:\Program Files\VideoLAN\VLC\vlc.exe"
# Using --file-caching is recommended, but is only supported in VLC 2.0+
player="C:\Program Files (x86)\VideoLAN\VLC\vlc.exe" --file-caching=5000
#player="C:\Program Files\VideoLAN\VLC\vlc.exe" --file-caching=5000