Is it possible for now to watch live youtube video streams using vlc? I just don't want to use flash player. I know that vlc can play youtube videos using link for the page where that video is located, but how about live youtube videos?
3 Answers
Yes, it works the exact same way as non-live streams. Just Ctrl+N (or Media > Open Network Stream) and enter the youtube URL through the first parameter.
An example of the first thing I saw on youtube live (pretty darn terribad):

Alternative
If you are just looking to avoid using flashplayer, you could opt into YouTube's HTML5 Player.
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There is one more solution and that is to use streamlink together with VLC: https://github.com/streamlink/streamlink
This also allows you to select the streaming quality, which is not possible if you paste the link directly into VLC.
Example command for 720p quality:
streamlink https://www.youtube.com/watch?v=xxx 720p
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I would like to add to the answer already given by nerdwaller.
VLC requires a CA-Certificate file to be able to validate an *http***s** connection.
I was signed into youtoube, copied the address and tried
Media --> open Network Stream --> Play
main error: TLS client plugin not available
main error: open of `https://www.youtube.com/watch?v=.....' failed
Once signed in, you are surfing using the HTTPS protocol. (So copy-paste will get ya)
Take away the s and open through a not encrypted connection and it worked fine.
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