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What does lulz mean?

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According to Encyclopedia Dramatica, lulz means the following:

lulz Noun --- lul-zz
Definition:
1.the act of entertaining oneself with the misfortune of others; an agreeable occupation for the mind
2.something affording pleasure, diversion, or amusement, esp. a performance of some kind

Usage:
I did it for the lulz

Synonyms:
Entertainment

Source:
A corruption of LOL, which stands for Laugh Out Loud
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