All initial coin offer is a trash ? That is very serious statement you just make mate. You need to do a very good research about initial coin offer. There are project that has been feature on the coinmarketcap that just left their ico stages and they are doing great on different exchanges. While some project that were not able to reach softcap they refunded to investors but this does not mean they are scam despite that bounty hunters don't get reward for their hard work does not mean ico are scam.There are no business that doesn't involve risk  that's why you need deep research before investing your time and money.