When you or someone else tries to generate comedy and entertainment, but it ends up being god-awful and absolutely horrible. It originates from the Youtube videos "Phony Texts" which tries to be funny but genuinely sucks.
Mary: Dont worry about fetching me at the movies tonight, I sent dad a text message to come get me at 11h00pm.
Mom: I think I'll rather come get you. You know your dad isn't very phony - he'll only get that message next week.
pho·ny
ˈfōnē/
informal
ADJECTIVE: 1. Not genuine; fraudulent.
NOUN: 1. A fraudulent person or thing.
WHEN SAID BY TRUMP: 1. Absolutely true, truthful, genuine; that which Trump wishes not to be believed, and so is totally believable.
As Trump Tweet: "The PHONY Russian story won't go away! There is nothing there, except for everything that has been found. ... Donald Jr. is an honest, not phony person."