I don't understand how can one say that Martingale works in the beginning and not after, it's purely based on luck.
It is just a sequence of when to increase the bet size.
It has nothing to do with luck. < mistyped, it is all about luck. If you lose a bet and double your betting amount does it influence the next bet? It does not because the house edge remains same and it just a new bet every time, the seeds remain same.
It is easy to execute and thus popular and has become a stable first hand attempt at gambling by most newbies.
For the serious people here, use it when you have nothing else to use and still want to make some money from what you have left.
It's just a sequence of when to increase the bet? And how can you know when to increase the bet? If I understand it, you are telling me that to minimize lose, for example, I bet 0.001 BTC for 5 times and after 5 failed attempts to win, I increase the bet five times to get my lost money back, right? Let's assume my 6th bet wins. In this case, I lost 0.005 BTC in five bets instead of 0.001 + 0.002 + 0.004 + 0.008 + 0.016, right? That's not a good strategy either, it's probably worse than original Martingale.