If you place barrier blocks and hold the item so the textures appear, any overlapped textures both continuously attempt to place themselves in the front, causing flashing effects.

UPDATE: Viewing water through the texture also derps and shows the water in a weird way (see screenshot 3.)

How to Reproduce:

1. Place a cube of barrier blocks (can be 2x2)
2. Look down upon the blocks
3. Observe for a few seconds.