Waving a perfectly good knife is the 8th deadly sin.
Well, actually, because the thumbstuds on the Utilitac II stand slightly proud of the scales they would sometimes catch on the seam of my pocket and would unpredictably, partially deploy the blade as the knife was withdrawn from my pocket.
Waving it was a way to make the knife safe enough to carry and had the benefit of making it more glove-friendly.
Win-Win.