The prisoner's dilemma is a fundamental problem in game theory that demonstrates why two people might not cooperate even if it is in both their best interests to do so.
Then along comes joeminer who has bills to pay, and needs cash quick, so a new sell order of $14.99 goes in. But maryspeculator fears that a bank run is imminent so she puts an order of $14.95. Of course there's always johndoe who has grown tired of waiting to get rich quick out of bitcoins and decides to sell all for $14.00 and just invest in hairspray instead...
Nelisky has demonstrated why this will not work.
A maximum payoff scenario will not happen because defection and betrayal pays off the most in the short term (in the mind of the panicker).
They fear the other person will defect & sell low too, which leads both
sellers to defect.
Nobody trusts other people enough to keep the sell orders at $15 even if it would be the most profitable option for everyone in the market.
It's ideal, but it will never happen because people are ruled by emotions, the biggest one being fear.
This could work in a market where the only participants are psychopaths, untouched by emotional swings & signals.