The real thing holding the market back is a few people can dump enough coins at any one time to crash the market, if they wanted to.
I have >6000 coins. If I sold them all today at once, the market would take a dump belly and there would be some panic buying and selling.
If someone with 100,000 or more dropped them all at once, btc would be pennies.
The prisoners dilemma:
If everybody were to sell (or better use) part of their hoard over time the market would become more and more healthy as the fear of dumps depreciates. In terms of the dilemma that would be to cooperate.
On the other hand if everybody hoards there is the increasing fear of dumps which results in violent outbursts in the market price. That would be defecting in terms of the dilemma.
So right now almost everybody is defecting in an iterated prisoners dilemma, that's the worst strategy....
But you know, even very smart people can act stupid when in a horde.