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Why is this proxy the default: "http://localhost:0/proxy.pac"

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In Tool / Options / Advanced / Network / Settings / Automatic proxy configuration URL is by default selected with field valu "http://localhost:0/proxy.pac".

Why and what deos this mean?

In Tool / Options / Advanced / Network / Settings / Automatic proxy configuration URL is by default selected with field valu "http://localhost:0/proxy.pac". Why and what deos this mean?