Fred
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.

Per BicycleSource.com

I personally feel the term came from the exploits of Fred Birchmore. Who passed away in 2012 at the age of 101.

Some great reading if you Google his name.

Fred Birchmore?s Amazing Bicycle Trip Around the World | History | Smithsonian