Short answer, No. TCP doesn't back off until packets are lost. uTP looks for latency increases which happen before packet loss (and therefore, before TCP congestion control kicks in) and throttles itself preemptively. Put another way, TCP treats all senders as having an equal right to bandwidth. uTP doesn't want to assert an equal right to bandwidth, it wants to send and receive in the unused portion of the available connection.
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"Together, we are pleased to announce that BitTorrent, Inc. and uTorrent AB have decided to join forces," a forum post on uTorrent states. "BitTorrent has acquired uTorrent as it recognized the merits of uTorrent's exceptionally well-written codebase and robust user community. Bringing together uTorrent's efficient implementation and compelling UI with BitTorrent's expertise in networking protocols will significantly benefit the community with what we envision will be the best BitTorrent client.""