Gratuitous waving is for politicians revving up for an election or someone drowning, trying to attract a life-guard's attention. I might grant another cyclist a cursive glare if they dare to have a better bike than mine or are wearing the wrong kit. But that's it.
Imagine if we all wave all the time? We'd be like a bloody planet full of those Land Rover Defender drivers who constantly acknowledge each other like fellow brothers in suffering.
As it is, I live in a place where the roads are single-lane and passing only happens at passing places. These passing places are torture, with both parties apparently required to wave and grovel like freshly-saved puppies from a Korean restaurant's larder.
No, screw waving.