I have not had problems with people assuming I'm packing in a fanny pack. It just not fashionable, as I've been told. Anyway, I use a fanny pack in limited situations where I may be walking around without a shirt. A man in flip-flops, shorts, and a fanny pack never looks threatening (to me). So, the issue of appearing like I'm packing is largely irrelevant for me.
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If you're reading this, it's too late.