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So I know we all do it, specially wearing heels. I don't think it has anything to do with the shoe, and its not uncomfortable. I think its really a means of flirting. It does attract attention and I never saw a man do it.
I discovered this while I was having coffee in an airport cafe. I wanted to attract the attention of a handsome chap sitting across from me. I noticed I was absently mindedly dangling my shoe and the movement caught his attention. How clever is that?