: Its just that you are whipping around in the same direction as the planet
: rotates and are at the correct speed and distance to make one orbit per
: day. You are very much further out than at the planet surface and so are
: moving very much faster than you would be if you were at the surface.

You're thinking of stable geosynchronous orbit. Simply "being geostationary" is another matter entirely. In low orbit, being geostationary is "pretty slow."