I was talking to a guy just recently about cycling. He was quite a bit older than me and too he insists on riding the road. He told me how he'd make himself known on the street using the "spitting rule". If he can spit on a passing vehicle, then it's too close. I wonder if he ever spat on a pedestrian that were in his way to make himself known.
Now you can rest assured that cycling silently scaring people is far less monstorous than some alternatives.
Personally, I find people panic more at the sound of the bell coming up behind them than my silently keeping a wide distance between myself and the ped as I pass.