Does anyone see a problem with deflation and massive hoarding after all of them have been printed out?
Yes, you are right. Why would I sell my bitcoins, knowing the price will always go up. A market can only exist with a bid-ask side.
I think Mark Twain said 'Buy land. They're not making it anymore.'
So in 2040 people will be saying the same about bitcoins.
The exchange rates of inflationary and deflationary currencies will always diverge so the value of bit coins relative to inflationary currencies will rise. But the price of bitcoin a relative to something that is finite, such as land, will not necessarily keep rising.