Not 100% correct....but I really agree this statement
It is 100% with 1% house edge on 100 bet you already lose 1 bet without betting .
It looks to me that you have misunderstood the idea of "expected value". If you wager 1 btc, you will have an EV of -0.01 btc with 1% house edge. It means people doing this will have a loss of 0.01 btc
on average. It doesn't mean you will for sure lose 0.01 btc, and it doesn't mean you will lose your money after wagering 100x for sure.