Mining has piqued my interest over these last few days and I would like to do it for a profit and for fun as a hobby but from what I understand this is becoming increasingly difficult. I figure Bitcoin mining is too competitive to bother so I mainly have my eyes on Scrypt coins but I am afraid to invest in these GridSeed devices with all the supposed Scrypt ASICs right around the corner.

What do you guys think? Waste of time/money/resources?