in this line Jay addresses the fact that his references to his troubled past aren't intended for glorification like with other, more naive rappers, but rather for artistic and storytelling purposes only
In lines previous to this one, Jay says dudes are always on his lap (on his d***). He proclaiming that they need to get off his lap because he's not Santa Claus. Santa Claus has beard, Jigga doesn't, he's white, Jigga's not.
this lyric suggests wannabe gangstas who pretend to be tough by showing their guns in video clips they record and post on video sharing site youtube.com are not actually dangerous, but are considered a joke (a real thug wouldn't record himself like that)