I am not investing in BTC. I am investing in any way to make dollars. I have many investments. This one happens to have something to do with BTC but what it does is generate dollars.
Wow OK now I think I understand why some people are paying a premium for miners that have no way of having positive BTC ROI.
Any time you "invest" you are trading the value of one thing (USD) for the value of another thing (BTC via mining) with the prediction that the second thing (BTC) will increase relatively (to USD) in value over time. So when you buy a miner you are investing your USD into a predicted amount of BTC you will receive in a future time period. If you don't agree with this basic fact then there's no point in continuing the dialog.
Hang on did you buy a KNC miner? It was priced in US Dollars, not BTC. If you paid in BTC you paid for the dollar value of the BTC at the time of purchase. If you decide to invest your dollars in something that generates BTC you can decide whether that generated income is valuable to you in BTC or in the dollar value of that BTC.
Thats why if you asked for a refund you wouldn't get the refund in the same amount of BTC you converted to pay for it, you would get the refund in the current number of BTC that equals the amount you paid for the device.
I'm investing my cash (because I paid cash, not BTC or BTC converted into cash) in a machine that will create more cash than I invested. I only care about the BTC part of it from a) a conversion medium for cash, and b) a technical whimsy*
*I like technical stuff, in fact I have more money invested in Protein folding research machines than I do in bitcoin machines, and they have zero ROI
I only care about the BTC generated by my miner in as much as its value relative to the fiat I can convert it into eventually.