Noob VIX futures spread contango questions

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UVXY20

1. Ok, M1 above VIX spot, lots of contango between M1 and M2, week until M1 expires and M2 rolls. So I buy M1 and sell M2? Is the bet really that M1 will collapse more than M2?

2. Is the VRP, the amount between spot and M1? If so, shouldn't I sell M1?
 
The spread will be negative most of the time. This is a godspeed strategy to bankruptcy. Think about how quickly uvxy loses value
Vrp is 5 day moving avg of vix minus 2 day volatility of spy.
 
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