Approximating data with a multi segment cubic bezier curve and a distance as well as a curvature contraint

I have some geo data (the image below shows the path of a river as red dots) which I want to approximate using a multi segment cubic bezier curve. Through other questions on stackoverflow here and here I found the algorithm by Philip J. Schneider from “Graphics Gems”. I successfully implemented it and can report that even with thousands of points it is very fast. Unfortunately that speed comes with some disadvantages, namely that the fitting is done quite sloppily. Consider the following graphic:

What’s a good rate limiting algorithm?

I could use some pseudo-code, or better, Python. I am trying to implement a rate-limiting queue for a Python IRC bot, and it partially works, but if someone triggers less messages than the limit (e.g., rate limit is 5 messages per 8 seconds, and the person triggers only 4), and the next trigger is over the 8 seconds (e.g., 16 seconds later), the bot sends the message, but the queue becomes full and the bot waits 8 seconds, even though it’s not needed since the 8 second period has lapsed.