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I have no idea what variables you are using, or how you are reasoning that bitcoins somehow are 'cheap' at a certain price.

Using the only scale we have available (history) $40+ per BTC is VASTLY overpriced considering the previous historical fair market value.

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What makes you confident that you know that the current price is "VASTLY" above the "fair market value?" I thought that markets determine fair market values--which is exactly what's happening at the exchanges.

Of course, but with a young currency without a set 'backing' (Gold, merchandise etc) I am just saying that looking at historical valuation makes it seem like the massive value increase would speak for it being valued fairly high @ $40

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