diff --git a/.gx/lastpubver b/.gx/lastpubver
index 6ac6417fa841a2872394bfebc88b231ce874584c..11784abd8678a4863e817d95d5ef8511fc9a656a 100644
--- a/.gx/lastpubver
+++ b/.gx/lastpubver
@@ -1 +1 @@
-4.5.5: QmXZyBQMkqSYigxhJResC6fLWDGFhbphK67eZoqMDUvBmK
+5.0.0: QmTykKqiBX2QyDjrJDKX6qzwU2ybMtWqaLET23mgyDSojx
diff --git a/examples/echo/main.go b/examples/echo/main.go
index 7297e6b10c99c52dc817ad2c24bb9c7947a3913f..cc37453da3f8416e73d525a1e3a49788385c5542 100644
--- a/examples/echo/main.go
+++ b/examples/echo/main.go
@@ -134,8 +134,12 @@ func main() {
 	// a user-defined protocol name.
 	ha.SetStreamHandler("/echo/1.0.0", func(s net.Stream) {
 		log.Println("Got a new stream!")
-		defer s.Close()
-		doEcho(s)
+		if err := doEcho(s); err != nil {
+			log.Println(err)
+			s.Reset()
+		} else {
+			s.Close()
+		}
 	})
 
 	if *target == "" {
@@ -194,18 +198,14 @@ func main() {
 }
 
 // doEcho reads a line of data a stream and writes it back
-func doEcho(s net.Stream) {
+func doEcho(s net.Stream) error {
 	buf := bufio.NewReader(s)
 	str, err := buf.ReadString('\n')
 	if err != nil {
-		log.Println(err)
-		return
+		return err
 	}
 
 	log.Printf("read: %s\n", str)
 	_, err = s.Write([]byte(str))
-	if err != nil {
-		log.Println(err)
-		return
-	}
+	return err
 }
diff --git a/examples/http-proxy/proxy.go b/examples/http-proxy/proxy.go
index 235894865a4771990431f762b4b5e2f0f9e243a6..79999bbbde2f95a8355d50ed2bd3f6459a8d886d 100644
--- a/examples/http-proxy/proxy.go
+++ b/examples/http-proxy/proxy.go
@@ -109,6 +109,7 @@ func streamHandler(stream inet.Stream) {
 	// Read the HTTP request from the buffer
 	req, err := http.ReadRequest(buf)
 	if err != nil {
+		stream.Reset()
 		log.Println(err)
 		return
 	}
@@ -132,6 +133,7 @@ func streamHandler(stream inet.Stream) {
 	fmt.Printf("Making request to %s\n", req.URL)
 	resp, err := http.DefaultTransport.RoundTrip(outreq)
 	if err != nil {
+		stream.Reset()
 		log.Println(err)
 		return
 	}
@@ -176,6 +178,7 @@ func (p *ProxyService) ServeHTTP(w http.ResponseWriter, r *http.Request) {
 	// r.Write() writes the HTTP request to the stream.
 	err = r.Write(stream)
 	if err != nil {
+		stream.Reset()
 		log.Println(err)
 		http.Error(w, err.Error(), http.StatusServiceUnavailable)
 		return
@@ -186,6 +189,7 @@ func (p *ProxyService) ServeHTTP(w http.ResponseWriter, r *http.Request) {
 	buf := bufio.NewReader(stream)
 	resp, err := http.ReadResponse(buf, r)
 	if err != nil {
+		stream.Reset()
 		log.Println(err)
 		http.Error(w, err.Error(), http.StatusServiceUnavailable)
 		return
diff --git a/p2p/host/basic/basic_host.go b/p2p/host/basic/basic_host.go
index 3f0f11356e365c6f5cfccd564a21c33f8ae677fa..3a7874b3e7a2af28b4d0bfbc04b7e80b0823e30e 100644
--- a/p2p/host/basic/basic_host.go
+++ b/p2p/host/basic/basic_host.go
@@ -240,7 +240,7 @@ func (h *BasicHost) newStreamHandler(s inet.Stream) {
 	if h.negtimeout > 0 {
 		if err := s.SetDeadline(time.Now().Add(h.negtimeout)); err != nil {
 			log.Error("setting stream deadline: ", err)
-			s.Close()
+			s.Reset()
 			return
 		}
 	}
@@ -257,7 +257,7 @@ func (h *BasicHost) newStreamHandler(s inet.Stream) {
 		} else {
 			log.Warning("protocol mux failed: %s (took %s)", err, took)
 		}
-		s.Close()
+		s.Reset()
 		return
 	}
 
@@ -269,7 +269,7 @@ func (h *BasicHost) newStreamHandler(s inet.Stream) {
 	if h.negtimeout > 0 {
 		if err := s.SetDeadline(time.Time{}); err != nil {
 			log.Error("resetting stream deadline: ", err)
-			s.Close()
+			s.Reset()
 			return
 		}
 	}
@@ -364,7 +364,7 @@ func (h *BasicHost) NewStream(ctx context.Context, p peer.ID, pids ...protocol.I
 
 	selected, err := msmux.SelectOneOf(protoStrs, s)
 	if err != nil {
-		s.Close()
+		s.Reset()
 		return nil, err
 	}
 	selpid := protocol.ID(selected)
diff --git a/p2p/host/basic/basic_host_test.go b/p2p/host/basic/basic_host_test.go
index af4a8306b7a0f93e0d855308992ff44fd78e959c..4c14934507ef557f8d8a982acf62ff12077973cf 100644
--- a/p2p/host/basic/basic_host_test.go
+++ b/p2p/host/basic/basic_host_test.go
@@ -180,7 +180,7 @@ func TestHostProtoMismatch(t *testing.T) {
 
 	h1.SetStreamHandler("/super", func(s inet.Stream) {
 		t.Error("shouldnt get here")
-		s.Close()
+		s.Reset()
 	})
 
 	_, err := h2.NewStream(ctx, h1.ID(), "/foo", "/bar", "/baz/1.0.0")
diff --git a/p2p/net/mock/mock_conn.go b/p2p/net/mock/mock_conn.go
index ae90cdd5e476aa630816f586c0ae46c6515947e5..fcb634624c4716a16ab771f7770983816b77c0bd 100644
--- a/p2p/net/mock/mock_conn.go
+++ b/p2p/net/mock/mock_conn.go
@@ -54,7 +54,7 @@ func (c *conn) Close() error {
 
 func (c *conn) teardown() error {
 	for _, s := range c.allStreams() {
-		s.Close()
+		s.Reset()
 	}
 	c.net.removeConn(c)
 	c.net.notifyAll(func(n inet.Notifiee) {
diff --git a/p2p/net/mock/mock_link.go b/p2p/net/mock/mock_link.go
index ae74da85c75d647a231c8234143e8540c12a6901..d4d605310d78b29f820f45744540416930894262 100644
--- a/p2p/net/mock/mock_link.go
+++ b/p2p/net/mock/mock_link.go
@@ -2,7 +2,7 @@ package mocknet
 
 import (
 	//	"fmt"
-	"net"
+	"io"
 	"sync"
 	"time"
 
@@ -45,11 +45,12 @@ func (l *link) newConnPair(dialer *peernet) (*conn, *conn) {
 }
 
 func (l *link) newStreamPair() (*stream, *stream) {
-	a, b := net.Pipe()
+	ra, wb := io.Pipe()
+	rb, wa := io.Pipe()
 
-	s1 := NewStream(a)
-	s2 := NewStream(b)
-	return s1, s2
+	sa := NewStream(wa, ra)
+	sb := NewStream(wb, rb)
+	return sa, sb
 }
 
 func (l *link) Networks() []inet.Network {
diff --git a/p2p/net/mock/mock_stream.go b/p2p/net/mock/mock_stream.go
index 25296516b94f1f53f8e52d98000c3809b5beaa75..2f0a4ee7122da27b0dcffaeffb762a1b1ae9eaf5 100644
--- a/p2p/net/mock/mock_stream.go
+++ b/p2p/net/mock/mock_stream.go
@@ -2,38 +2,52 @@ package mocknet
 
 import (
 	"bytes"
+	"errors"
 	"io"
 	"net"
 	"time"
 
-	process "github.com/jbenet/goprocess"
 	inet "github.com/libp2p/go-libp2p-net"
 	protocol "github.com/libp2p/go-libp2p-protocol"
 )
 
 // stream implements inet.Stream
 type stream struct {
-	Pipe      net.Conn
+	write     *io.PipeWriter
+	read      *io.PipeReader
 	conn      *conn
 	toDeliver chan *transportObject
-	proc      process.Process
+	control   chan int
+	state     int
+	closed    chan struct{}
 
 	protocol protocol.ID
 }
 
+var ErrReset error = errors.New("stream reset")
+var ErrClosed error = errors.New("stream closed")
+
+const (
+	stateOpen = iota
+	stateClose
+	stateReset
+)
+
 type transportObject struct {
 	msg         []byte
 	arrivalTime time.Time
 }
 
-func NewStream(p net.Conn) *stream {
+func NewStream(w *io.PipeWriter, r *io.PipeReader) *stream {
 	s := &stream{
-		Pipe:      p,
+		read:      r,
+		write:     w,
+		control:   make(chan int),
+		closed:    make(chan struct{}),
 		toDeliver: make(chan *transportObject),
 	}
 
-	s.proc = process.WithTeardown(s.teardown)
-	s.proc.Go(s.transport)
+	go s.transport()
 	return s
 }
 
@@ -43,8 +57,13 @@ func (s *stream) Write(p []byte) (n int, err error) {
 	delay := l.GetLatency() + l.RateLimit(len(p))
 	t := time.Now().Add(delay)
 	select {
-	case <-s.proc.Closing(): // bail out if we're closing.
-		return 0, io.ErrClosedPipe
+	case <-s.closed: // bail out if we're closing.
+		switch s.state {
+		case stateReset:
+			return 0, ErrReset
+		case stateClose:
+			return 0, ErrClosed
+		}
 	case s.toDeliver <- &transportObject{msg: p, arrivalTime: t}:
 	}
 	return len(p), nil
@@ -59,21 +78,46 @@ func (s *stream) SetProtocol(proto protocol.ID) {
 }
 
 func (s *stream) Close() error {
-	return s.proc.Close()
+	select {
+	case s.control <- stateClose:
+	case <-s.closed:
+	}
+	<-s.closed
+	if s.state == stateReset {
+		return nil
+	} else {
+		return ErrClosed
+	}
 }
 
-// teardown shuts down the stream. it is called by s.proc.Close()
-// after all the children of this s.proc (i.e. transport's proc)
-// are done.
-func (s *stream) teardown() error {
-	// at this point, no streams are writing.
+func (s *stream) Reset() error {
+	// Cancel any pending reads.
+	s.write.Close()
 
+	select {
+	case s.control <- stateReset:
+	case <-s.closed:
+	}
+	<-s.closed
+	if s.state == stateReset {
+		return nil
+	} else {
+		return ErrClosed
+	}
+}
+
+func (s *stream) teardown() {
+	s.write.Close()
+
+	// at this point, no streams are writing.
 	s.conn.removeStream(s)
-	s.Pipe.Close()
+
+	// Mark as closed.
+	close(s.closed)
+
 	s.conn.net.notifyAll(func(n inet.Notifiee) {
 		n.ClosedStream(s.conn.net, s)
 	})
-	return nil
 }
 
 func (s *stream) Conn() inet.Conn {
@@ -81,33 +125,44 @@ func (s *stream) Conn() inet.Conn {
 }
 
 func (s *stream) SetDeadline(t time.Time) error {
-	return s.Pipe.SetDeadline(t)
+	return &net.OpError{Op: "set", Net: "pipe", Source: nil, Addr: nil, Err: errors.New("deadline not supported")}
 }
 
-func (s *stream) SetReadDeadline(t time.Time) error {
-	return s.Pipe.SetReadDeadline(t)
+func (p *stream) SetReadDeadline(t time.Time) error {
+	return &net.OpError{Op: "set", Net: "pipe", Source: nil, Addr: nil, Err: errors.New("deadline not supported")}
 }
 
-func (s *stream) SetWriteDeadline(t time.Time) error {
-	return s.Pipe.SetWriteDeadline(t)
+func (p *stream) SetWriteDeadline(t time.Time) error {
+	return &net.OpError{Op: "set", Net: "pipe", Source: nil, Addr: nil, Err: errors.New("deadline not supported")}
 }
 
 func (s *stream) Read(b []byte) (int, error) {
-	return s.Pipe.Read(b)
+	return s.read.Read(b)
 }
 
 // transport will grab message arrival times, wait until that time, and
 // then write the message out when it is scheduled to arrive
-func (s *stream) transport(proc process.Process) {
+func (s *stream) transport() {
+	defer s.teardown()
+
 	bufsize := 256
 	buf := new(bytes.Buffer)
-	ticker := time.NewTicker(time.Millisecond * 4)
+	timer := time.NewTimer(0)
+	if !timer.Stop() {
+		select {
+		case <-timer.C:
+		default:
+		}
+	}
+
+	// cleanup
+	defer timer.Stop()
 
 	// writeBuf writes the contents of buf through to the s.Writer.
 	// done only when arrival time makes sense.
 	drainBuf := func() {
 		if buf.Len() > 0 {
-			_, err := s.Pipe.Write(buf.Bytes())
+			_, err := s.write.Write(buf.Bytes())
 			if err != nil {
 				return
 			}
@@ -121,44 +176,63 @@ func (s *stream) transport(proc process.Process) {
 	deliverOrWait := func(o *transportObject) {
 		buffered := len(o.msg) + buf.Len()
 
-		now := time.Now()
-		if now.Before(o.arrivalTime) {
-			if buffered < bufsize {
-				buf.Write(o.msg)
-				return
+		// Yes, we can end up extending a timer multiple times if we
+		// keep on making small writes but that shouldn't be too much of an
+		// issue. Fixing that would be painful.
+		if !timer.Stop() {
+			// FIXME: So, we *shouldn't* need to do this but we hang
+			// here if we don't... Go bug?
+			select {
+			case <-timer.C:
+			default:
 			}
-
-			// we do not buffer + return here, instead hanging the
-			// call (i.e. not accepting any more transportObjects)
-			// so that we apply back-pressure to the sender.
-			// this sleep should wake up same time as ticker.
-			time.Sleep(o.arrivalTime.Sub(now))
+		}
+		delay := o.arrivalTime.Sub(time.Now())
+		if delay >= 0 {
+			timer.Reset(delay)
+		} else {
+			timer.Reset(0)
 		}
 
-		// ok, we waited our due time. now rite the buf + msg.
-
-		// drainBuf first, before we write this message.
-		drainBuf()
-
-		// write this message.
-		_, err := s.Pipe.Write(o.msg)
-		if err != nil {
-			log.Error("mock_stream", err)
+		if buffered >= bufsize {
+			select {
+			case <-timer.C:
+			case s.state = <-s.control:
+				return
+			}
+			drainBuf()
+			// write this message.
+			_, err := s.write.Write(o.msg)
+			if err != nil {
+				log.Error("mock_stream", err)
+			}
+		} else {
+			buf.Write(o.msg)
 		}
 	}
 
 	for {
-		select {
-		case <-proc.Closing():
-			return // bail out of here.
+		switch s.state {
+		case stateClose:
+			drainBuf()
+			return
+		case stateReset:
+			s.read.CloseWithError(ErrReset)
+			return
+		default:
+			panic("invalid state")
+		case stateOpen:
+		}
 
+		select {
+		case s.state = <-s.control:
+			continue
 		case o, ok := <-s.toDeliver:
 			if !ok {
 				return
 			}
 			deliverOrWait(o)
-
-		case <-ticker.C: // ok, due to write it out.
+		case <-timer.C: // ok, due to write it out.
 			drainBuf()
 		}
 	}
diff --git a/p2p/protocol/ping/ping.go b/p2p/protocol/ping/ping.go
index d6e571e0f31f9e28382df0b5116b8e5ad1bc3fa8..54464f3080b125da15cdce82e0682aa203b8dab3 100644
--- a/p2p/protocol/ping/ping.go
+++ b/p2p/protocol/ping/ping.go
@@ -33,33 +33,42 @@ func NewPingService(h host.Host) *PingService {
 }
 
 func (p *PingService) PingHandler(s inet.Stream) {
-	ctx, cancel := context.WithCancel(context.Background())
-	defer cancel()
-
 	buf := make([]byte, PingSize)
 
+	errCh := make(chan error, 1)
+	defer close(errCh)
 	timer := time.NewTimer(pingTimeout)
 	defer timer.Stop()
 
 	go func() {
 		select {
 		case <-timer.C:
-		case <-ctx.Done():
+			log.Debug("ping timeout")
+			s.Reset()
+		case err, ok := <-errCh:
+			if ok {
+				log.Debug(err)
+				if err == io.EOF {
+					s.Close()
+				} else {
+					s.Reset()
+				}
+			} else {
+				log.Error("ping loop failed without error")
+			}
 		}
-
-		s.Close()
 	}()
 
 	for {
 		_, err := io.ReadFull(s, buf)
 		if err != nil {
-			log.Debug(err)
+			errCh <- err
 			return
 		}
 
 		_, err = s.Write(buf)
 		if err != nil {
-			log.Debug(err)
+			errCh <- err
 			return
 		}
 
@@ -84,6 +93,7 @@ func (ps *PingService) Ping(ctx context.Context, p peer.ID) (<-chan time.Duratio
 			default:
 				t, err := ping(s)
 				if err != nil {
+					s.Reset()
 					log.Debugf("ping error: %s", err)
 					return
 				}
diff --git a/p2p/test/reconnects/reconnect_test.go b/p2p/test/reconnects/reconnect_test.go
index a79ac71e7e5babbb677898284b615cb0103b2772..55b7b1ce1e9b35f5a5a328aa28452b37926ba889 100644
--- a/p2p/test/reconnects/reconnect_test.go
+++ b/p2p/test/reconnects/reconnect_test.go
@@ -31,8 +31,12 @@ func EchoStreamHandler(stream inet.Stream) {
 	c := stream.Conn()
 	log.Debugf("%s echoing %s", c.LocalPeer(), c.RemotePeer())
 	go func() {
-		defer stream.Close()
-		io.Copy(stream, stream)
+		_, err := io.Copy(stream, stream)
+		if err == nil {
+			stream.Close()
+		} else {
+			stream.Reset()
+		}
 	}()
 }
 
diff --git a/package.json b/package.json
index df5a55ca563cf0d9efb35ed9c78b12afd9cfb2c2..aa94f15fcf39b70a764f4ba82673134dea29beaa 100644
--- a/package.json
+++ b/package.json
@@ -109,9 +109,9 @@
       "version": "0.0.0"
     },
     {
-      "hash": "QmVNPgPmEG4QKaDKkxMPKY34Z53n8efzv1sEh4NTsdhto7",
+      "hash": "QmTMNkpso2WRMevXC8ZxgyBhJvoEHvk24SNeUr9Mf9UM1a",
       "name": "go-peerstream",
-      "version": "1.7.0"
+      "version": "2.0.2"
     },
     {
       "author": "whyrusleeping",
@@ -151,9 +151,9 @@
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmdQcv14hCd41WEzNA4avJohJR5sdPqVgFtXZtDz6MTCKx",
+      "hash": "QmbrUTiVDSK3WGePN18qVjpGYmvXQt6YVPyyGoXWx593uq",
       "name": "go-tcp-transport",
-      "version": "1.2.2"
+      "version": "1.2.3"
     },
     {
       "author": "whyrusleeping",
@@ -181,21 +181,21 @@
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmX49btJy5UQuHYmWxrNTmpcnUE5a4upGS6xPYH7mPE46D",
+      "hash": "QmTi4629yyHJ8qW9sXFjvxJpYcN499tHhERLZYdUqwRU9i",
       "name": "go-libp2p-conn",
-      "version": "1.6.12"
+      "version": "1.6.13"
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmahYsGWry85Y7WUe2SX5G4JkH2zifEQAUtJVLZ24aC9DF",
+      "hash": "QmNa31VPzC561NWwRsJLE7nGYZYuuD2QfpK2b1q9BK54J1",
       "name": "go-libp2p-net",
-      "version": "1.6.12"
+      "version": "2.0.0"
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmVjRAPfRtResCMCE4eBqr4Beoa6A89P1YweG9wUS6RqUL",
+      "hash": "QmQbh3Rb7KM37As3vkHYnEFnzkVXNCP8EYGtHz6g2fXk14",
       "name": "go-libp2p-metrics",
-      "version": "1.6.10"
+      "version": "2.0.0"
     },
     {
       "author": "whyrusleeping",
@@ -205,15 +205,15 @@
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmUwW8jMQDxXhLD2j4EfWqLEMX3MsvyWcWGvJPVDh1aTmu",
+      "hash": "QmaSxYRuMq4pkpBBG2CYaRrPx2z7NmMVEs34b9g61biQA6",
       "name": "go-libp2p-host",
-      "version": "1.3.19"
+      "version": "2.0.0"
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmQUmDr1DMDDy6KMSsJuyV9nVD7dJZ9iWxXESQWPvte2NP",
+      "hash": "QmW97nvnsknsoN8NUz8CUF5hVVaicLgNaEb6EZMk3oB943",
       "name": "go-libp2p-swarm",
-      "version": "1.7.7"
+      "version": "2.0.2"
     },
     {
       "author": "whyrusleeping",
@@ -223,15 +223,15 @@
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmQ1bJEsmdEiGfTQRoj6CsshWmAKduAEDEbwzbvk5QT5Ui",
+      "hash": "QmP4cEjmvf8tC6ykxKXrvmYLo8vqtGsgduMatjbAKnBzv8",
       "name": "go-libp2p-netutil",
-      "version": "0.2.25"
+      "version": "0.3.1"
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmSmgF5Nnmf1Ygkv96xCmUdPk4QPx3JotTA7sqwXpoxCV2",
+      "hash": "QmPZRCaYeNLMo5GfcRS2rv9ZxVuXXt6MFg9dWLmgsdXKCw",
       "name": "go-libp2p-blankhost",
-      "version": "0.1.18"
+      "version": "0.2.0"
     },
     {
       "author": "whyrusleeping",
@@ -241,9 +241,9 @@
     },
     {
       "author": "whyrusleeping",
-      "hash": "Qmbn7RYyWzBVXiUp9jZ1dA4VADHy9DtS7iZLwfhEUQvm3U",
+      "hash": "QmfTJ3UpS5ycNX7uQvPUSSRjGxk9EhUG7SyCstX6tCoNXS",
       "name": "go-smux-yamux",
-      "version": "1.2.0"
+      "version": "2.0.0"
     },
     {
       "author": "whyrusleeping",
@@ -253,15 +253,15 @@
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmRVYfZ7tWNHPBzWiG6KWGzvT2hcGems8srihsQE29x1U5",
+      "hash": "QmVniQJkdzLZaZwzwMdd3dJTvWiJ1DQEkreVy6hs6h7Vk5",
       "name": "go-smux-multistream",
-      "version": "1.5.5"
+      "version": "2.0.0"
     },
     {
       "author": "whyrusleeping",
-      "hash": "QmTuwwqGf4NH2Jj3opKtaKx45ge4RiXSCtvUkb7a4gk2ua",
+      "hash": "QmYUpfXEBqLdtiSUDzzc8hLfcELPHiPtANF12EpEX1WCVB",
       "name": "go-libp2p-connmgr",
-      "version": "0.1.3"
+      "version": "0.2.0"
     },
     {
       "author": "whyrusleeping",
@@ -271,9 +271,9 @@
     },
     {
       "author": "vyzo",
-      "hash": "QmYkTCcfrPdR5QMasnhh3FVRVNEKzH3YsvuBPpB4YPgwWC",
+      "hash": "QmVXc7cgEkxWDELn9sGV9r1HbqfQR9YCUmbsrkp1rcXSjn",
       "name": "go-libp2p-circuit",
-      "version": "1.1.8"
+      "version": "2.0.1"
     },
     {
       "author": "lgierth",
@@ -287,6 +287,6 @@
   "license": "MIT",
   "name": "go-libp2p",
   "releaseCmd": "git commit -a -m \"gx publish $VERSION\"",
-  "version": "4.5.5"
+  "version": "5.0.0"
 }