I think the first approach is so much easier than the second. The first approach is a given. All you have to do is give your name and find some type of similar ground.
For me, I struggle with that second approach. It feels so much more cemented and makes me so much more anxious if that makes sense. I think I get so stuck in my head about performing, and I usually talk myself out of continuing to connect with someone I may have previously introduced myself to.
How does one deal with this? I usually see people I know walking on campus but I don't know them very well. I've realized not saying hi is very rude but then again, saying hi but having nothing to follow it up with usually also leads to an awkward dance between two strangers.