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Since The DAO incident 'the code is the law' ceased to exist on Ethereum. It became 'the majority interpretation of the code is the law'.

So things are only reversible when the vast majority of users get impacted? That does not seem like a recipe for a stable financial system. Too many individuals will get screwed over in edge cases to drive mass adoption.

> So things are only reversible when the vast majority of users get impacted?

Close, but not quite. It's not a democracy, it's a plutocracy. Things are only reversible when those few who hold the majority of the wealth are impacted.

The Parity multisig bug locked 509019 ETH, which is around $1.5 billion today

The DAO fork was exceptionally sinister. In essence a new transaction was inserted into the Blockchain without an accompanying signature!