The 8 is the balls.
The - is the tiny shaft.
The > is the nonexistant "mushroom"
It can also be used as a happy face.
The 8 is a pair of sunglasses.
The - is the nose.
The > is the mouth.
Robert: Heh. Joe has a 8->. He's not a man.
Robert: You have a small dick.
Robert: Haha, Joe! You're so cool!
Robert: OMG! You have a tiny weiner!