From Bicycle Source

1) n. a person who spends a lot of money on his bike and clothing, but still can’t ride. “What a fred — too much Lycra and titanium and not enough skill.” Synonym for poser. Occasionally called a “barney”.

2) n. a person who has a mishmash of old gear, does’t care at all about technology or fashion, didn’t race or follow racing, etc. Often identified by chainring marks on white calf socks. Used by “serious” roadies to disparage utility cyclists and touring riders, especially after these totally unfashionable “freds” drop the “serious” roadies on hills because the “serious” guys were really posers. This term is from road touring and, according to popular myth, “Fred” was a well-known grumpy old touring rider, who really was named Fred.

We have a winner!  #2, that’s me (except for dropping roadies on hill climbs).  So I guess I’m the bad parts of both definitions.

Alex: n. a person who has a mishmash of old gear, doesn’t care much for technology,  doesn’t follow racing, and doesn’t race (for good reason due to lack of skill), and occasioinally drops other “serious” riders on a slight incline with the wind at his back.