Dark Knight Rises killings in Aurora

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Yes, people can kill without guns or with lesser guns. And people can kill a lot with lesser guns. That doesn't mean all the heavier guns should be legally purchasable.

Let's say Holmes had been (legally) limited to a handgun and a bolt-action rifle.

He would have had the choice between resorting to the black market for a weapon more capable of killing large numbers of people (and as a result, may have acquired something more powerful than a semi-auto AR-15), and using explosives to kill as many people as possible.
Perhaps, he would have planted timed explosives in the theatre, then walked out and waited for them to detonate so he could start sniping people as they ran out of the theatre?

False dichotomy. Those are definitely not the only two options the fellow would have.

The problem is is that most of these heavier weapons are military grade stuff. They're generally used by guys who are trained and disciplined well enough as to where they can handle having something as dangerous as these weapons. Most civilians aren't as disciplined or trained.