The only mistake you're making here is rounding down the value of the things the DHF pays for to zero.
It's like when people say Bitcoin "wastes energy".
Well, how much does it waste?
And then they reference a hash calculation that implies that 100% of the usage is wasteful.

Another thing you are missing here is the market cap multiplier.
When a dollar of Hive is sold the market cap can decline $10-$100 easily.
Vice versa for when Hive is bought: x10-x100 is normal ratio for even Bitcoin during rallies.
Hive could even be x1000 under paper-thin liquidity conditions.

You do make a good point here though
What is the inflation spread again?

65% reward pool...
10% witnesses
10% DHF
15% HP interest

So with the ninjamine in play you're claiming that the 10% we are supposed to be allocating was actually higher than the 65% we printed last year... Pretty jarring numbers if true.