A disparaging term for internet libertarians, used jokingly or not. First seen on Torchthebridge
That LOLbertarian candidate will privatize the roads!
A libertarian under the age of 25.
"Man, your room-mate with the Ron Paul sticker is a real LOLbertarian"
A term used by "little l" libertarians who simultaneously want to assert their genuine preference for limited government while owning up to the fact that a lot of Libertarians are silly people with bad haircuts. The label is usually adopted in order to avoid guilt-by-association.
"I really think this stimulus is dumb but I'm just a silly lolbertarian."