Oldy is an old man who lives in the starting village.
Before the player gets the Fez:
"Reality is perception. Perception is subjective."
After the player gets the Fez.
He has an epic mustache.
His first quote is a reference to the game itself and how reality can change based on your subjective perception of it. This suggests that he may have some knowledge of the 3rd dimension, like Geezer and unlike the other villagers.