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user-inactivated · 2753 days ago · link · · parent · post: Theories emerge for pound's 'flash crash' against dollar
TIL people speculate on the value of money itself. I don't even know if I want to know how that works, cause the idea sounds crazy.
Forex is the market. It's the biggest market in the world. https://en.m.wikipedia.org/wiki/Foreign_exchange_market The value of a currency is based mostly on its utility in trade, the stability of the state backing it, the supply of it, the collective belief that it has value, and speculation that any of these will change. Ultimately, it is a social agreement about specific numbers and paper.
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