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So you're saying ethereum definitely doesn't have any fundamental advantages over the traditional legal contract system? I agree.

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I'm saying that the main rule for all blockchains (not only Ethereum) is that consensus is decided by the majority. This is their "constitution". The majority of the stakeholders in a blockchain can decide to change the consensus rules. In a traditional legal system majority is not required, laws can be changed by relativly few people.

That's only true with a restricted definition of stakeholders and majority (e.g., miners weighted by mining capacity in Bitcoin). It's not a majority of individuals in the community using the blockchain.

So I'm not sure that it's really all that distinct from legislative majorities in traditional legal system (and clearly less of a genuine majority than in legislative systems where the public retains, whether or not it chooses to frequently exercise them, powers of initiative and referendum.)

I actually meant economic majority because that's what gives the token its value. A >50% hashrate majority in a PoW blockchain can censor transactions, but it's powerless if most users (or most precisely, the users who own most of the tokens) collectively decide to hardfork.

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