People fear that others will one up them and cannot resist cashing out first. Despite being aware that a consensus of value would easily increase profits ten-fold. Even with little demand ten Satoshi's would be a given if people would hold some and sell a little at a time as the value rises. The psychology of trading is hard to figure out, but this sort of thing is not surprising. Consider this fact. Freeway Traffic jams exist primarily because people tail-gait and restrict the flow of traffic on and off of ramps. This causes further tail-gaiting, compounding the problem until there is gridlock. Now every person if they stopped to reflect on their behavior would see that there is absolutely nothing more than 20 yards to be gained by leaving no room for traffic to change lanes and merge. If this somehow did not cause traffic gridlock the best you can hope for is arriving at your destination a millisecond faster. Yet like mindless drones people will continually make decisions that hurt themselves or choke potential. Subconsciously we seem to be thinking that there is no hope for cooperation and if where are gonna be stuck in the shit then "I am gonna try to climb on top of this shit-pile." Especially in trading, it is a given that there will be winners and losers. It is just surprising that we have not yet seen at least some sort of collective thought amongst miners that would lead to some standard of profitability.