The perfect response for any sort of shit talking directed towards you. Opposite from the traditional dictionary definition which confirms something. When said back to the person, it means that, the statement is completely false, you don't agree, or you flat out don't give a shit about the statement. Can be used as a response in any situation, as long as it's sarcastic.
"Hey johnny i heard you like to touch little boys"
"Yeah for sure, bro"