No, the initial process of mining the bitcoins is inflationary. After they are mined, it is deflationary.

If you misunderstood that, then you didn't understand the arguments in the first place.

I understand how this is true according to the historic definitions, so I agree with you, but frankly, I'm not sure what bitcoin is. There's never been anything quite like it before, where quantity in circulation over time follows something like an inverse parabolic curve, and is immune to many traditional forms of currency manipulation.

I think I'll just sit back and watch. I may even through a few hundred at it just to see what happens.