As title says, when the authcookie expires, for example due to an IP address change (forced reconnect on DSL), the client repeatedly tries to refresh avatar favorites, world favorites, friends, friend favorites, etc. without a retry sleep timer (exponential backoff anyone?). This essentially floods the API with lots of HTTP requests all getting rejected with "Missing Credentials" which makes the client lag a lot while the social tab is open and write a lot of different variations of that same error message into the log (see also the attached screenshot):
Failed to fetch Licensed avatars - "Missing Credentials"
Error fetching favorite avatars: "Missing Credentials"
Failed to fetch Favorite avatars - "Missing Credentials"
Error fetching favorite worlds: "Missing Credentials"
[Always] Could not fetch avatars with error - "Missing Credentials"
Could not fetch users groups - "Missing Credentials"
Could not fetch moderations with error - "Missing Credentials"
Failed to fetch OnlineFriends friends - "Missing Credentials"
Error fetching Favorite Friends: "Missing Credentials"