I like shapeshift. And the website is great in explaining the frontend side of things. Going through the whole blog history right now.

I am asked to find out more about how shapeshift actually works.

Which texts/videos/blogsposts are out there which explain what precisely shapeshift is doing when I submit a transfer.
Are the coins bought on the fly on the cheapest exchange, does shapeshift hold a pool of coins, etc?

Any information much appreciated.

Thanks