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I've found a significant number of older people think "LOL" is an abbreviation for "lots of love" or "lots of laughs" rather than "laughing out loud".

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where does this come from? what's the origin of the "lots of love" meaning?

I think it was a prank for teaching people the wrong meaning. Besides this joke site is quite funny about it:

http://uncyclopedia.wikia.com/wiki/Lol

It definitely pre-dates the internet - I remember my mother and grandmother writing it in birthday cards at least 25 years ago.

Also, I know someone named Lol - apparently it used to be quite a common shortening of Lawrence.

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