In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."
Only 95%? The percentage is probably higher than that, I know that people do not want to hear this as they expect their favorite altcoin to skyrocket and make them rich but he is right, and if anything as I said he is being generous with that kind of percentage.
After all how many good projects do you think we have in the market, 50? 100? And taking into account the thousands of coins we have then the percentage of scams and garbage projects is higher than that.