All it does it confuse people. When leftists are derisively using the term :LIB: , they're invariably focusing on the "free market/capital" part of the equation. Unfortunately, "liberalism" also includes support of individual rights, civil liberties, equality, and democracy.
Maybe instead the people you disagree with should just be called "capitalists" or "caps" because then you're actually attacking the heart of the matter.
I understand this because part of my genesis years ago included defending Bill Gates and his charities, and people started calling me a dumb lib. I have enough humility that I followed up and did the research to better understand what they were talking about, but my visceral response to being called a lib was, "Yeah, I'm a lib, I'm left of center, in what kooky frame of reference is that an insult?" It draws a dumb line in the sand that most people will see you as a silly ideologue.
So yeah, move on from :LIB: :liberalism:
Yeah when you lot call me a lib I just shrug and think how proud Richard Rorty would be of me.