He is able to make that many bets -- because he hasn't yet busted. In my simulation, the player never quits until he's busted (just like you said, about a player being greedy). So even though he's up hundreds of thousands of bitcoins, he caries on. Which just shows how ridiculous using the "greed" nonsense is. With no house edge, a player being greedy doesn't help the casino -- just increases its chance of the casino busting (all for making 0 expected return. a silly value proposition)