Hi Chadi.
The rule above is static and will block all traffic from the ip defined. To dynamically build a blacklist, you should look at the table commands for creating a sub table and adding/removing entries. Also, you will want to define more criteria for adding to the list. See this rate limiting example for a look at a similar solution: https://devcentral.f5.com/s/feed/0D51T00006i7Q28SAE
Also, you may want to consider looking at AFM w/ an IP Intelligence policy. This will give you capability to filter based on IP reputation and/or consume feed lists of blacklisted IPs without managing in an iRule.