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I am skeptical about your assumption that the connection ring is fully rigid. I suspect that this ring plays an important part in the failure mechanism. Can you provide more details on how this ring is constrained in real life (drawings, photos, hand sketch etc)?
Great. Please let me know what it is.
Do you have any photos of the bolt that failed? You should be able to tell from the break whether the failure was due to excessive load or fatigue.
Can you clarify what the two rings are made of? My assumption was steel and bronze but that was only a guess from the material properties.