Most people here are arguing that it isn't even wrong. If nobody's coming, you have clear visibility and lines of sight, there's absolutely no rational argument for this behavior being a "dangerous" action on behalf of either cyclists or pedestrians.
And before you start, it's not even remotely comparable for a car. In a car, you're essentially in a sensory-deprivation chamber, and you're several feet farther from the intersection — the difference this makes to your situational awareness is impossible to overstate.
On a bike, I have full range of vision, full hearing faculties (ride a bike for awhile, you'll be amazed at how much situational awareness you have from your ears alone), and the danger I pose to others in case of a misdjudgment is miniscule: either I'm the one who gets plastered by a car, or in the case of an unexpected pedestrian, my stopping distance is perhaps three feet.
I've done this for years and haven't had so much as a close call. On the other hand, I'm _far_ more concerned about pedestrians who step out into the road without looking because they don't hear a car coming. On the Georgia State campus, this happens to me maybe once a week.
In short, the time and effort devoted to this topic is nothing short of insane given the miniscule numbers of people affected. The number of people killed by _safe and lawful_ drivers per passenger-mile, per passenger-trip, or any other weighted measure is absolutely staggering compared to even the most dangerous cyclists out there.