I think the definition your provided is the main point of confusion. Definition 2 is what I have always understood to be a Fred. Basically on a cheaper/older bike with a jersey two sizes too big, helmet or eyeglass mounted mirror, 20 dollar or less helmet, possibly using a camelbak, white tube socks, hairy legs (yes, I went there), etc. Basically, my father in law.

As for the first definition, that would be a poser, or as BikeSnobNYC calls it: a Nu-Fred. Definitely getting the right "look" according to "the rules" but totally out of their element in every way possible. Mashing a higher gear and appearing totally destroyed while other guys in the group cruise at 18 mph and chat, really blowing themselves up in the first few miles of a 30 mile group ride to show off, riding erratically in a pace line because they've never seen one, etc. I will never accept that this sort of rider can be called a Fred, but for a lot of people, it's completely interchangeable with Poser.

I think the important thing here is the we nail it down so that we can continue to classify and put individuals in a box so they seem less human to us, therefore making ourselves feel more important and exclusive.