Yes, our male sheperd has one of those on his elbow. It moves around, its very dry, its gray/scaly and pink where the gray/scaly area stops. It's also squishy and it just dangles there. It is sort of like a wart, but looks more like a deformed mushroom head on fonzies elbow. It's nothing to worry about according to our vet as well.. as long as he doesn't find it and chew on it and as long as it doesn't bleed, just like you mentioned.