How is this a bug? " server.spaceribs.com" doesn't exist, so it should not be found.
It appears the login server is down, just be patient and you will be able to log in again eventually.
Looks like https://mojang.atlassian.net/browse/MC-220
Did you try 'feeding' the beacon an iron ingot, emerald, gold ingot or diamond after selecting the boost?
This has been fixed in 1.4.3: MC-15