A third use of the term exists. In this usage, a "Fred" is a cyclist who has a ton of cycling gear, especially of the utilitarian "uncool" kind, like mirrors, powerful lights, fenders, bells/horns, heavy leather seats, racks, reflective gear, bags, baskets, etc.
Well I use 6 of those so I guess that make me a fred. I like my light. If someone thinks riding like a ninja is cool then they are just plan ******** and most likely not going to survive long on the roads at night.