With the Olympics starting today, it's good to know that you are not allowed to make GIFs. Yep, that's right - the IOC's terms forbid it.
"The use of Olympic Material transformed into graphic animated formats such as animated GIFs (i.e. GIFV), GFY, WebM, or short video formats such as Vines and others, is expressly prohibited."
And we all thought that the Olympics were supposed to be (animated GIF) fun...go figure!