I've always wondered why it was called "chad". At our school, we called them "withers". (Simply because I rescued a large manila envelope from the trash can of a teacher--Mr. Withers--and used it to hold all the paper tape waste. Since the manila envelope had his name on it, we named them withers.)
I don't remember what happened to the envelope, it was probably just tossed, but I intended to use it as confetti on the last day of school or some such. (I'm really not certain why I was keeping them...)
When your only tool is a hammer, all problems look like your thumb.