The main problem with this "word" is that nine times out of ten the person saying "lol" isn't laughing out loud. I've learned that if they actually think what you said is funny they write "hahaha" or "haha" or "HAHAHAHAHAHAHAHAHAHAHAHA OMG IM DYING" (I get that response a lot of course). When they say "lol" they are just saying, "That was almost funny enough for me to laugh at but I'm too lazy to type more than three letters to express that. Of course sometimes they really are laughing out loud but not often.
The absolute worst part of using "lol" is when people say it out loud. As in not on electronics. Don't say "lol" while you are speaking. It makes NO SENSE. At least while typing it makes some sense because it takes more effort to type out laugh out loud instead of lol but in real life "ell oh ell" and "laugh out loud" are the same amount of syllables (three). So you aren't saving energy. You know what else takes less energy? Actually laughing out loud if something is funny. I know that seems extreme and too genuine to people, but it's just a thought I have when I hear "lol" in the real world.
But really...
The only time it is okay to say "lol" is when you use it with a z at the end. As in "LOLZ" because you are clearly making fun of people who use lol for real. That and "loling" are the only forms that are okay to use in my opinion, because clearly you are being ironic and hilarious in your use of laughing out loud. My least favorite use of the lol option is one hundred percent "lololol." What does that even mean people? "Laughing out loud out loud out loud?" Certainly that makes sense... Oh wait... It doesn't.
My absolute favorite way to say laugh out loud however is "ROR" which means "raff out roud" (like "laugh out loud" but as an Asian man would say while laughing at how funny you are)... Sorry if you think that's racist. It's not, I love the azns more than anyone (that's how the insiders say Asians). "ROR" is just funny.
ROR Po' Fried Rice ROR
Overall, don't use lol unless you are busting a gut and laughing out loud so much that all you can manage is typing three small letters, because otherwise I'll be over here vom.coming everywhere.
Even Miley doesn't think it's a laughing matter