This is simply not an accurate take. You can still buy codes from ebay or private sellers, so the first market you describe will see minor inflation at worst, which is already happening because of popularity. Pack prices IRL will not be affected by this market, and codes in bulk are still going to sell as an undercut as much as they can to get rid of them to get some return on their initial investment of cases of cards. Code prices might be higher initially when the new-thing-popularity is high when the app releases, but they'll go back down after the honeymoon phase. It also sets a ceiling -- if packs are $1 online, that's the highest they could ever possibly be, period.
In this new system, all that's given are additional options to acquire digital product.