The banner is blinking is bad because it hurts my eyes and it makes me do not want to see it because my eyes are already minus, I don't wanna increase it O_o. Blinking pictures hurt eyes so I think you shouldn't make it blink.
I also prefer that you upload the image at www.imageshack.us instead of in blogGIF coz it adds the 'blogGIF' letters on the corner ;p . I think blogGIF really want him to look so important ;9 . That make your banner worse also since this forum doesn't have relation to blogGIF
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I don't mean to say the banner's bad but I want to suggest you not to make it blink ^^ and to upload it on imageshack or other places where there will be no words like 'blogGIF' in the picture.