Gonna put my point into pointing being removed.
Although I would vote for having a submenu for emotes bound to a certain D-pad button which would something like the following
[spoiler]Press Up on D-pad to open Emote menu
L1 = Wave - L2 = Point
R1 = Sit - R2 = Dance
[/spoiler]
Then we could have the proximity chat AND some other possible mechanics on the other buttons
English
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This is still a good idea though
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I would have it navigatable with the thumbstick... buttons are to limiting.
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This^