Can I run P2P on a VPS?

Preferrably no. Easiest way to do this is to rebuild from Ubuntu OS template, and install desktop + nx on it, and your preferred torrent client. You will get full blown remote desktop this way as well.

We do not recommend this however, as storage I/O resources are very limited, and if usage is too high we might have to intervene.

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Definitely, just login to https://vps.pulsedmedia.com:8777 and choose "Rebuild"