IIRC "Bolts" are more like darts, shorter and thicker. And lighter x-bow bolts are made of wood (or fiberglass) like arrows.
I guess, if the bolt was solid steel, and fired from a really heavy x-bow, you could crack an engine block. (I dunno about a through and through). I also dunno about that as a hand carried weapon using medieval tech.
Bows inflict damage via puncture and cut, like a thrown knife, not hydrostatic shock like a bullet. So the larger the weapon, the more damage.
Crossbows are indeed very nasty, especially at short ranges (Hence the table bonuses at shorter ranges)
Then again, used in direct fire bows are pretty nasty too.
Both Longbows and heavy x-bows can puncture plate armor. . .both light x-bows and short bows have problems doing so.
Longbows seem to have superior performace at longer ranges, both in accuracy and in penetration power.
Shrug, it's debatable, as I said. . .if you had dwarven engineers making high steel x-bows with braided cable wire and pulled steel bolts, likely you'd be talking engine block cracking time. . .but using more likely materials the overall seems to indicate longbow superiority. Not an expert, but had it explained to me thus:
Longer arrow makes for a longer pull, making for a longer "push" leaving the bow. (This improves both penetration and accuracy)
The thicker bolt is heavier by length, but usually not overall, since often you have x2 thickness and 1/3 or 1/4 length.
The heavier short pull of the x-bow is compensated for with mechanical advantage. . .so the 3' bow stave is really thick. . .but in the end, the x-bow is a heavy shortbow turned on it's side with a stock and a trigger. . .if you scale up the x-bow to a 6' longbow you end up with a ballistae.
And we are talking a lot of pull here. . .heavy 3' stave x-bows might be 150-200# pull, requiring a winch. . .but often longbows were pretty strong too, talking 120-150# pulls (hence the lifetime of working with them to use them). . .
Something to do with the 2x-3x time the string has to push the arrow seems to more than make up for the lower poundage of the bow pull itself.
I'm sure there's internet site data out there that would explain it better.
Found one:
http://www.thebeckoning.com/medieval/crossbow/cross_l_v_c.html
Appears like the answer is "If it's 1100 AD, longbow is a clear winner on all fronts, if it's 1400 AD, the heavy crossbow wins on all fronts other than rate of fire."