Well I think it is possible to a piece of code to be immutable yet valuable. It is only necessary to consider the risks involved. For instance, bitcoin code is almost 'immutable', very difficult to change. Yet it is valuable.
RE: Why Ethereum is doomed or why smart contracts are more smart than contracts
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Why Ethereum is doomed or why smart contracts are more smart than contracts
Exactly, bitcoin transactions are valuable because they are written in a very simple script. You can trust Bitcoin scripts because there's a very easy way to validate the correctness.
Ethereum allows writing arbitrary complex programs in Turing complete language. Vitalik came up with solution to the termination problem - i.e. you pay the gas as you go for program evaluation, which prevents programs from running forever. This is innovation. But, solving the termination problem is not enough. You need also to ensure that the programs actually work as intended and only as intended.
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