I'd almost agree with you, except for the fact you can hand in firearms to the police for destruction at any given time. (edit: Difference is the amnesty, where if you have a stolen firearm, there's no repercussions for your crime if you give it back) [also doubt you'd get it back if it was stolen from you too].
In general I agree there is nothing to lose from this idea, however I despise the fact they're using it to say "Hey look, we're doing something!"
When in reality they're not doing jack shit.
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