I think this is a bug in relation to the "no peers" status display only. I'm sync'ing my iTunes folder from my iMac to my a NAS on my LAN. On the NAS, BTS shows that I have peers while on my iMac, BTS displays a status of "no peers" yet when I add new files to my iMac, BTS finds them and sync's them to the NAS. So for me, BTS is working properly but the display message for my local BTS client is incorrect.