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I know what you are 

Something you say to a gay person, letting them know that you know they’re gay

I know you are what you said you are, so what am I? 

The correct way to taunt on playgrounds. Often missaid as "I know you are, you said you are, but what am I?". Mostly by australians. Often shortened to "I know you are but what am I?"
Timmy: "you're a poop head"
Aaron: "I know you are what you said you are, so what am I?"
Timmy: *cries*

I honestly dont know what you are speaking of

What you say when you honestly dont know what somone is talking about.
Eh? I honestly don't know what you are speaking of....

I know I am but what are you? 

The opposite of the widely known, stupid comeback, This will usaully get your offendor to say something stupid about themselves.
Person 1: You suck eggs!

Person 2: I know I am but what are you?

Person 1: A dipwad.

Person 2: Exactly

I know you are but what am I 

I was a kid in the 60's.. This phrase was not used by older sophisticated persons.. It was simply a juvenile response to juvenile name calling.. Some dumb kid would say: "You're Stupid" the simple and quick response would be "I know you are but what am I".. Sometimes (probably when first used) a good come back to one who was truly stupid, because it confounds them, confuses them.. "Uh uh uh, um, you're stupid?"
In actuallity, the phrase would go back and forth, several times.. "You're stupid", "I know you are but what am I" "You're dumb", "I know you are but what am I".. "What a jerk", "I know you are but what am I", "Jerk", "I know you are but what am I"...

Just a juvenile thing.. Used so often though (way back when) that til this day, I use the phrase in response to good compliments.. Most people my age, or close too, enjoy and laugh :)

Example: "You're cute" my response "I know you are but what am I" :)

I know you are, but what am I? 

It's quite simply the most retarded comeback someone makes when they've completely lost the argument. This statement signifies that the argument has gone to a completely immature level. Below is a hardcore argument starting with the immature statement :)
Person 1: I know you are, but what am I?

Person 2: Good question. What are you?

Person 1: Wow, you're so dumb, you don't even know what I am?

Person 2: You're so dumb, you can't even answer my question.

Person 1: I don't answer stupid questions. Sorry.

Person 2: Then you shouldn't have made your first one.