The code creates a new buffer for each frame and then pushes that into the gif. There is no freeing of memory or any kind of ring buffer being setup. So yes, it keeps eating memory.
Don't know why it was taken down. Here is the old thread : https://news.ycombinator.com/item?id=5543465
which mentions the Content-Type "multipart/x-mixed-replace" technique used to constantly update jpegs in the browser.
They're very easy to find as most vendors have a URL pattern. For example, here're a bunch of public security cameras made by Axis: https://www.google.com/#output=search&q=inurl:axis-cgi%2...