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I had the pro freeze on me while using the store (preview videos) with a game and netflix suspended in the background. I also had the random blackouts with psvr yet those have been gone since an update a few months ago. They used to happen once or twice a little while after starting the console yet I haven't had any issues with psvr for a long time now.

Blinking rapidly suggest some kind of hdmi problem. Try a different cable maybe, different hdmi port on the tv.