Obviously I must have made a mistake somewhere in my reasoning, but I can't see it.
Start with de Broglie: $$ P= \frac{h}{\lambda}$$ $$ h=P \lambda $$
Substitute into Einstein's energy equation for a photon (EDIT: read "particle" instead) without any potential fields or whatever.
$$E = h f$$ $$E = P \lambda f$$ $$E = mv^2 $$
But since this photon (particle) isn't in any potential fields, I would expect its energy to be just its kinetic energy - $0.5mv^2$ - instead.
What mistake did I make?