This is the "smiley face" that can be used in any scenario. Most commonly known as a "laughy face", can be used when someone says something funny or awkward! In all cases, its the face of a thousand meanings!
The new LOL ; point of all abbreviations is to be short and meaningful. L = Laugh, effective in responding to random nonsense, and could be used effectively in a sarcastic tone as well.
'L' works better than 'LOL' because it can be used in a variety of responses more effectively. Just saying 'I Laugh' is saying this could be funny, lame or useless - you are not 'laughing out loud'. It is rather that what is said in the statement is laughable.
A hand gesture given to people when they have done something and you do not want to talk to them. It means that they do not want to "L"isten to the person and are calling them a "L"oser or telling them to "L"eave.
Me: "Why did you hit on my sister?"
Person: "She's sweet."
Me: "Take an L fam."