there are big holes in the minecraft world which go away if you stand on them.
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Its just the way how Minecraft loads chunks at the moment. If you change directions often and move very quick, Minecraft hasn't loaded these chunks yet because it thought you would go in another direction. If you press ESC Minecraft speeds up the loading and the holes disappear.
Extra ram, or a better CPU/GPU help with chunk loading as well. Slower computers will always have issues loading chunks faster then you can run.
Duplicate of MC-129 , please use the search function to see if your bug has already been submitted. Currently over 25% of tickets are being closed as duplicate.