Martingale is stupid because you can win small or lose big.
15+ win/loss streaks are possible. How much do you win if you win 15 in a row using martingale? How much do you lose when you lose 15 in a row?
As for the original question, if the odds are 50/50 and the payouts are 50/50, you expect to win just as much as you lose, there would be no strategy to win more, you win if you are lucky, you lose if you are unlucky. It would be a little easier to make money than a game with a house edge becasue you don't have to beat that, but you will still have no advantage.
This is the best explained and correct answer.
The problem is that human mind has a flaw: it's programmed to
hope.
And that's why most people still think that Martingale is a great approach (I also thought that until I started "testing" it live).
We don't (want to) understand that if a dice has 50% chance to return "high", that 50% is met if for an
infinite number of tries. That means that losing streaks of 20-30 is not unusual. If you have an infinite amount of money, you'll regain your loses back.