I must assume that these are what happens when automated scripts trade.  How can this possibly lead to a rational market price?

I have never been a gambler, or traded words for indemnity.  I have earned my keep by solving specific puzzles that my clients could not.  The idea of arguing one's way into a paycheck is offensive to me.  Studying Bitcoins is well within my demeign.  I find it fascinating that the easiest way to play with them is in the form of a casino, with everyone playing the odds that they can buy low and sell high.  I may have said this before.  If noone is trading real work for Bitcoins, then they are simply chips in a stupid game.  The house always wins.  The basic principle of money markets is "screw the other guy, he's stupid."  Playing that particular game at length is a clear indication that you have nothing of value yourself to offer, as is true with all gambling.