The anti-gunners are using deception, smoke and mirrors, and outright lies regarding this subject. On one hand they make people believe that gun shows are somehow exempt from the NICS/4473 process, and on the other hand they purposely avoid telling you exactly what they're really after.
Firstly, gun shows aside for a moment, you must convince yourself that the NICS/4473 process is more than a "background check", because it is. It is actually an illegal registration scheme that has convinced law abiding gunowners that they shouldn't have anything to hide. However, what results from the NICS/4473 process is a database entry which includes your name, address, identifying number(s), and the make and model of your purchased firearm(s) (your private property). Regardless of what you are told to the contrary, NICS/4473 IS REGISTRATION!!!
Secondly, using logic, would it make any sense whatsoever to do a background check and induce waiting periods for a person trading in a S&W revolver even up on a Glock 26 (for example)? Think about that...the guy walks into the gun show (or gun shop) with a gun in his possession. The idea of waiting periods to allow a "cooling off" period are completely blown out the window. What about a collector who may already have 20-30 guns at home (or even just one)? The true purpose of the NICS/4473 process is obsured by this phoney slight of hand. The purpose is to REGISTER as many firearms into the NICS/4473 process as possible.
And this is where the gun show "loophole" comes in. Since private party transactions are all but exempt from having to participate in the NICS/4473 registration scheme (whether they be at gun shows or at private residences), the leftists are clammering to get them included as well. But they are going after this subject with lies, deception, smoke and mirrors, fabrications, propaganda, and horror stories to win over those sheeple who have never been to a gun show and do not understand what the truth really is.
Gun owners believe they are somehow doing a good deed by submitting to the NICS/4473 tyranny, proudly proclaiming their status as a law abiding citizen when the results of the FBI check are returned. What they've actually done, is added whatever firearm they've just purchased to a federal database. Does anyone need a refresher course on what happens next?