Everyone who came to decry the idea of protocol level inflation is failing to understand is that a cryptocurrency network only exists due to miners.  If miners stop mining (due to the block reward getting too small and transaction fees not keeping up), the network rapidly loses strength (leading to loss of value).  The problem with this collapse is it compounds on itself as less valuable tokens translate to even less incentive for mining. 
 
So in order for bitcoin to work long-term, transaction fees have to be valuable enough to sustain half an exahash of mining (and more in the future).  For this to happen, competition to get into a block has to go way up.  This means that many users have to want to transact in bitcoin and there has to both be a large demand to move many bitcoins frequently (totally against any philosophy of hodl'ing) and also a scarcity of ability to get into a block leading to higher fees.  Otherwise, as the blocksize slowly shrinks it will eventually reach a critical point where mining another currency will simply be more profitable and the miners will quit en masse. 
 
When this happens you no longer own a token on the strongest and most secure network on Earth - you own an old and abandoned token.  I predict that either bitcoin will eventually collapse, move to PoS, or implement a trailing block reward.  I simply do not see a mathematical way for bitcoin to hold a value of "$1 million per bitcoin" when no one is transacting with it and everyone is simply holding it and hoping to be rich. 
 
Monero helps solve this by having a perpetual 0.3 XMR block reward so there will always be new Monero to mine. 
 
Aeon solves it even further by allowing 8/9% new Aeon a year so there will always be a reason for miners to keep mining the Aeon network. 
 
You are welcome to try to prove me wrong, but make sure you include the simple fact of keeping the miners happy in your rebuttal - with no miners you have no network and no value.