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First, the bullet button is not a work around. It may seem like semantics, but work around or loophole implies that an exploit is being used. Laws don't give rights, they limit them or take them away. The bullet button obeys the law by following it - it doesn't allow laws to essentially be broken by a technicality. It obeys the law to the letter. Again, it may seem like semantics but inaccurate terminology, such as "high capacity magazines" for standard capacity, is a gun grabber method of criminalizing guns and the gun community.
Second, it would be foolish IMO to think registration will lead to confiscation. There has been an assault weapon registry for more than 25 years in California and, to my knowledge, it has not been used to confiscate any weapons en masse and there is no indication to think that will change after bullet buttons are gone. Registration does however give you the legal protection that IF the interpretation of the law changes, you can't be hit for owning an assault weapon. You can also de-register your assault weapons in the event that you want to pass them on or sell them.
The down side of area restrictions is the biggest downside, but personally they won't effect me much if at all. If in the future that changes, I can always buy a new compliant rifle after the ban and be free to use the non-AW version where I can't use the AW version.
I will say this - I've meet MANY people who said "I'm so glad I registered X" and "I wish I had just registered" but have yet to meet someone who said "I regret registering." Like I said, it can be unregistered at any time but it cant be registered after the fact.
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Good point. I registered an SP1 AR15 Carbine and a Chinese Poly-Tech Type 56 AK in the 1990 registration, and never regretted it. Nothing bad happened. I had to sell them in 2000 when I was forced out on a disability retirement the same month my wife lost her union meat cutter job. We had three kids in college. I sold them out of state through a dealer, and notified the state after. No grief from DOJ, do I wish I still had both.
I have a USGI Inland M1 Carbine now, and just ordered a KelTec SU-16B, both exempt from registration. At this point, I am inclined to register the Saiga AK, my three Ar15s (though I may keep one featureless with a Hammerhead grip), and my PTR 91 HK G3 clone.
As for confiscation: They already know what firearms I have that were bought since January 1 of last year, since not only did they do 4473s, but also DROSed by serial number. Most of my current stuff I obtained since then (except PTR91 and M1 carbine), so they are on file anyway. I had a WASR from before that, but replaced it with the Saiga this last year. Registration is just confirming what I still have. If I register, and even smell confiscation (which I think is unlikely, since it hasn't happened yet in the last 27 years), my daughter lives 4 1/2 hours away in Medford Ore. I'll just dash up there with them.
Day to day plinking, I do with the M1 carbine, as it is still my favorite long gun. My dad carried one on Iwo Jima, and I carried one for the majority of my 20+ years LEO as a trunk weapon. The KelTec will replace the Carbine (a 1950s rebuild in 95% condition with a new undated Underwood barrel and a ME of "0") as the home defense weapon, and will now go in my daypack when I am up hiking in the Sierra.