Would be true if bitcoin was full premined, but it wasn‘t.

There are still 900 new bitcoins mined per day, and with an open source / patent free environment the space is a competitive market, the cost to produce one should tend towards the price of selling it (less so when the price rises quickly).

So how is at least a dollar lost (for every dollar won)?

For people speculating, there's always a buyer and a seller. If I buy $100 of Bitcoin from person A and then later sell that for $101 to person B, then I have gained a dollar. A dollar that A would have gotten had they held on, or B would have gotten had they bought in earlier. It's a zero sum game. Except that everybody involved is paying transaction fees, putting in otherwise-valuable time, and taking risk (e.g., of theft), so in reality it's a negative sum game.

That's very different than actual investing. If I put $100 into a friend's company, then they will hopefully use that money to create something more valuable than the total investment. I'll come out ahead, but so will my friend and my friend's customers. That's a positive-sum game.