But if at any point along that path hoarders tighten too hard they'll drive goods and services out of this economy and put this process in reverse.
They're not hoarding, they're saving. If there is "too much" saving, prices will get too high, and some people will sell. If they are unable to sell due to high exchange rates, their asks will come down. I guess I just don't see any problem here that won't be solved by market forces. I plan on hoarding some BTC, but I am also investing some into BTC companies and acquiring some more to sell to friends and spend on the BTC economy.
As a "hoarder", it's in my best interest for the economy to become as big as possible, not just for me to hold as much BTC as possible.