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@youramericanlover hey, the cord at the back is to loop around head tube or stem/spacers to stop the bag swinging/ make it more secure, if that is an issue. If its secure enough already with just the straps then no need to use it.
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Like you I've deemed it surplus to requirements, the two straps have been totally secure even fully loaded with snacks/tools/crap/phone. I bundled up the cord small, bound it together with a rubber band and left it in the bottom of the bag, will inevitably be handy at some point for tying something together... maybe!
+1 on the bar bags, my black and purple one has been getting a ton of use, quality and finish is great.