Risking everything to win something bigger is extremely risky and completely inadvisable. I would never do it and have no plans to try it. It's simply insane, because the chance of winning isn't worth the risk of losing. But someone must have done it for various reasons, including because of the demands of the situation and perhaps also because of his own ego.

Learning from others' mistakes is better than learning from our own. This means we learn without making any mistakes, and we certainly don't suffer any losses. It's advisable to think realistically about gambling, so we shouldn't be overly enthusiastic about winning something uncertain, even if the odds are high.