Your approach is called martingale and is already a long applied strategy. You raise the bet when you lose and go back to the initial bet when you win.
I have tried this at my beginnings of Bitcoin also, but had never succeed, since at some time the balanced was exhausted. I had also been heard the same thing by others. That is why I do not believe in the long-term success of the strategy.
I came up with a new strategy that I think will win over the course of 1 Billion rolls. I found out that Wizard of Odds used to offer such a challenge for other casino games such as Roulette and Blackjack.
The system requires a large balance and very small bet amounts and is not a Martingale. Essentially, this is a strategy that is perfect for automated betting. Whenever I've tried a similar version, given a fair balance I've never lost. However, I also used larger bets and had a smaller bankroll than this strategy requires.
I found a similar site at satoshidicebreaker, but the unit spread is too small, and only allows you to bet at 50%.
Sure, there's a chance this will lose in a session, but I think the odds are astronomically low. Like way lower than .505
24.
I'm interested if there is a website that lets you test this theory, like where you can input a starting balance, a bet size, and a winning percentage.
Here's something I came up with in JavaScript
var balance = 1000000000;
var bets = 0;
var betSize = 10;
var loseMultiplier = .112;
var winPercent = .10;
while (balance > 0) {
var result = Math.random() >= 0.9 : "win" : "loss";
if (result == "win") {
balance += betSize;
betSize = 10;
}
else {
betSize += (betSize * loseMultiplier);
balance -= betSize;
}
bets++;
}
document.getElementById("bets").innerHTML = "You have lasted " + bets + " bets";