Do you dispute the fact that bitcoins are being created? Do you not think that is money supply inflation? Given that that is true, how does any argument that says people are hoarding coins now because they are deflationary make any sense?
The number of bitcoin users has recently increased far more quickly than the money supply:
http://forum.bitcoin.org/index.php?topic=29043.0The argument can make sense if people think that the demand for bitcoins will grow more quickly than their supply, making it a good idea to hoard coins that cost you little to produce eight months ago until the suckers next month beg you to buy them off of you at a much higher price. This is either because they think they'll be greater fools, or because they think that the bitcoin economy will expand faster than the money supply. I don't see the latter happening, so I'm going to go with the former.