if Bitcoin is a successful threat to the bankers that run the world,
self-sovereign use will be highly discouraged.

and it wont be "just some database remembers a story"
it will be the entire chain is mapped and a score assigned to each utxo. it will be extremely difficult to use poorly regarded utxos.

or you can just use "BtcBucks™ Backed by Bitcoin!"
and have a nice user experience with something accepted everywhere.
and 99% of people will do that and so much for privacy.

(btw it isn't "remembers a story about them for a while." its forever for all intents and purposes)