Is a perfect way to insure that you will lose it all.

Might as well call it double or nothing, because that's what happens. You play until it loses and you have nothing. The casino should love it.

If someone wants to go on a streak and play, the easiest way is pull back about 1/2 of each win, and be positive you will be a winner.

Betting would be something like this.

$10 (win 20 take out $5)
$15 (win 30 take out $7) $12 in pocket
$23 (win 46 take out $11)
$35 (win 70 take out $20)
Let it ride, minus a $25 chip each spin.

You have $43 in your pocket and $25 each time it wins, plus the bet increases each spin. You can NEVER lose after the second win.

Of course when the streak ends you have what's in your pocket because everything else was lost.