I must have been really busy in 1993. I totally missed the solution of the World’s most intractable math problem – Fermat’s Last Theorem.

I have only just read the full account of the path to the proof that, as Fermat hypothesized, there are NO non zero integer solutions when n>2 to the equation;

x^n + y^n = z^n

After 350 years Andrew Wiles cracked it. I've seen the 160 page proof and it’s just mindbogglingly complex.

But while the math is impossible to understand his logic isn't.

The Taniyama – Shimura conjecture said all elliptic curves could be expressed in predictable modular form.

Form solutions to Fermat’s theorem for n>2 can be arranged as elliptic curves - but those curves are NOT modular (Gerhard Frey)

Prove the Taniyama-Shimura conjecture then the form solutions for Fermat are all impossible – ergo Fermat’s Theorem is proved.

This is proving something doesn't exist, by proving something else (that’s mutually exclusive) does.

This all prompted a little deduction of my own;

In 25 years will be getting in our cars, driving to the Mall, parking, going to an ATM, taking out dirty paper, walking next door, handing it over – so that the same man-in-an-armored-truck can collect it, take it back to a bank, sort it and drive it back to the ATM? NO!

At this time will there be a selection of digital forms of cash? YES!

Will bitcoin form part of that selection? YES!

Will this happen if the bitcoin price is $250? NO!

Venture capitalists don’t get this. They would, loosely, like to see the price higher but somehow they seem unmoved by the weak tone of the price itself, and VC money is pouring into bitcoin regardless. There’s lots of narrative now that it’s “about the Blockchain, not bitcoin”.

Newsflash. None of the crypto currency vision will materialize if the price isn't higher.

There’s not enough value in the pie (at $3.5 billion) to make merchants get out of bed. So they won’t adopt it. There’s not enough market cap to make traders trade it – so exchange revenue models don’t work. There’s not enough value to make a living storing it for others – so the custodian model doesn't work.

Most importantly If there isn't an ungodly out-sized network with a massive proof of work burden, which is all incentivized by block rewards (i.e. bitcoin values) or transaction fee (i.e. bitcoin volumes) – then you can forget security for all the Blockchain apps.

So here’s Masters First Theorem:

Bitcoin will exist - ergo the price is too damn low.