my favorite is the 8000, with initial bet of 0.001 and increasing by 20% after the first lost, and 15% each time thereafter. the first pays for the tx fees, the other times, well, it sucks to bet 10 and only win a little over a bitpenny
I tried it your way, 3 times. I started at 0.015 and added on 15% each time.
The first 2 went pretty quickly, but the 3rd took 20 turns before I won. Seems like a lot of stress and effort to make a profit of 17 bitcents.
http://i.imgur.com/b0PNn.png
The question is how many times can you make 17 bitcents in an hour?
The question is how many times can you lose in a row and lose all your money.