That'll hang if:
it is attempting to perform a selector on the same thread the method was called from
the call to perform the selector is to a thread from which a synchronous call was made that triggered the perform selector
When your program is hung, have a look at the backtraces of all threads.
Note that when implementing any kind of networking concurrency, it is generally really bad to have synchronous calls from the networking code into the UI layers or onto other threads. The networking thread needs to be very responsive and, thus, just like blocking the main thread is bad, anything that can block the networking thread is a bad, too.
Note also that some APIs with callbacks don't necessarily guarantee which thread the callback will be delivered on. This can lead to intermittent lockups, as described.
Finally, don't do any active polling. Your networking thread should be fully quiescent unless some event arrives. Any kind of looped polling is bad for battery life and responsiveness.