The problem is that you played with really high odds. You should play with odds less than or equal to 49.5%, so that you end up winning as much/more than you bet, or you'll bust really quickly. As you did.
Check this guy out, from a log dooglus posted on the forums:
2013-09-26 08:53:33 start with 0.5 BTC
2013-09-26 08:53:56 bet #139926757: 0.1 BTC @ 1% lo: lucky: 160348 profit: -0.10 balance: 0.40
2013-09-26 08:54:17 bet #139927033: 0.04 BTC @ 0.05% lo: lucky: 918419 profit: -0.04 balance: 0.36
2013-09-26 08:54:20 bet #139927069: 0.04 BTC @ 0.05% lo: lucky: 295314 profit: -0.04 balance: 0.32
2013-09-26 08:54:25 bet #139927135: 0.04 BTC @ 0.05% lo: lucky: 902189 profit: -0.04 balance: 0.28
2013-09-26 08:54:28 bet #139927183: 0.04 BTC @ 0.05% lo: lucky: 296 profit: 79.16 balance: 79.44
2013-09-26 08:54:36 bet #139927279: 0.04 BTC @ 0.05% lo: lucky: 8545 profit: -0.04 balance: 79.40
2013-09-26 08:55:09 bet #139927688: 1.6 BTC @ 2% lo: lucky: 153400 profit: -1.60 balance: 77.80
2013-09-26 08:55:14 bet #139927751: 1.6 BTC @ 2% lo: lucky: 525939 profit: -1.60 balance: 76.20
2013-09-26 08:55:35 bet #139927852: 1.6 BTC @ 2% lo: lucky: 696384 profit: -1.60 balance: 74.60
2013-09-26 08:55:44 bet #139927976: 1.6 BTC @ 2% lo: lucky: 11884 profit: 77.60 balance:152.20
2013-09-26 08:55:59 finish with 152.2 BTC
See? Look at those odds.