Looks like a standard loss-chasing plan with a slight variation that stops the bet size going up too drastically in the early bets.

As with all loss-chasing plans it will often show good results in small to medium sample sizes but will bite you badly when you hit that inevitable losing streak.

Mathematically NO staking plan can turn a losing system into a winning one in the long run (it may work for a few months or even a year or two if you are lucky but eventually the law of averages gets you in the end!)

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"Computers can do that????" - Homer Simpson