ICOs are most likely legit. There are some ICOs that are scam and not paying out but most of the ICOs is legitimate. I have joined an ICO and its totally worth while because i earn some big cash by just joining in an ICO. Yes ICOs are a long term event but some of it is not that long . Just be careful everytime in joining some ICOs because all your efforts and time will be wasted if you joined in a scam ICOs.