I think you're right, only we're not seeing large blocks going off at quint 0 level - wouldn't we be seeing that if MMs were making a huge profit? They could just keep forcing it down to quint 0, load up, then sell again at .0001. I would think we'd see massive volume in those instances?
I doubt anyone is shorting at .0001 - that's complete insanity. The risk would be gigantic, which you allude to by referencing all hell breaking loose. Just imagine shorting at .0001 and it going to .0005, just for starters that would be a catastrophic loss, depending on how much you're shorting.
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