The first time I encountered "LOL" must have been my freshman year of college. I will confess that there may have been a time or two in the mid-90's I used LOL; it seemed like the thing to do.
It is a proven fact* that despite the frequent appearance of LOL's, those people typing or texting LOL are only laughing out loud 2% of the time. This means that when you see LOL, there is a 98% chance that someone is telling you a filthy-bald-faced lie.
In light of the foregoing I have refrained from using LOL. Please understand, however, I am not above using abbreviations as a means of saving keystrokes and time.
The following is a list of the abbreviations I most frequently use in emails and texts. Please print off a copy for your records. I also recommend laminating this useful reference card.
* A "proven fact" I just made up