Blingtard is a contraction of bling and retard. And is a response to the over abundance of bling on some persons, thinking that more is allways better.
This word originates from the virtual world Second Life, where one subculture is white boy gangster wannebe's Role Playing gangsters with to much Bling. But since the Bling in RL is getting to absurd levels, the word is starting to being used for RL bling retards as well.
Blingatude was invented by a bunch of kids on a K-Mart commercial in attempt to sound cool. To have blingatude, you must spread your legs and let a camera zoom in on the designs on the back of your pants. Kids who have blingatude only have one bffaeae, which is blingatude itself. Girls with blingatude love guys who also have blingatude, even if they are ugly and/or fat.