> If you end up using the legal system to remediate undesired transactions, what's the point of cryptocurrencies in the first place?

Agreed, but there is already a very similar case where "code is law" was tested, and failed: https://www.justice.gov/archives/opa/pr/man-convicted-110m-c...

It turns out that once a financial system becomes big enough, the US will apply its finance laws to it. Finance laws are designed to prevent sudden unexpected transfers of wealth from one (wealthy) unwilling party to another based on unanticipated loopholes.