From what I could understand from this example given, the total expected value is lower to the point of not being profitable (loss far exceeds win with given chance) but the effect is that gambling takes less time since you keep increasing bets and every time it requires a single win.
Point is, unlike a coin flip on a constant value, if this is used while mindlessly flipping coins, it will not ensure long-term stability (constant value = total expected value is 0) but can reduce time to reach certain amount of currency at the cost of added risk. As indicated by the wiki - you are bound to lose money with this strategy (even without house edge).