Why? Little corporations must comply with KYC law, too. They’re all required to gather personal data. Big or small, the data hoarding is required.
Why? Little corporations must comply with KYC law, too. They’re all required to gather personal data. Big or small, the data hoarding is required.
bacon_pdp@lemmy.world 7 hours ago
If a small business comply with KYC laws and gets breached, less than 1000 people get impacted. One would have to breach a million different companies to equal the scale of a single mega corporation.
privatepirate@lemmy.zip 5 hours ago
Ok but how would that even work? When a company’s product/service is good, then people start recommending it to others and more and more people start using it. The only way to stop companies from growing big is to force them to stop accepting customers after a certain point.
bacon_pdp@lemmy.world 2 hours ago
No. You just tax the corporations based only on revenue and make the tax rate an exponential curve. Instantly too big to fail becomes too expensive to survive. Thus the businesses will naturally split into smaller companies.
privatepirate@lemmy.zip 2 hours ago
Then the big companies will just operate under multiple names to commit tax evasion like they already do and pay off the politicians to let them.