Although I agree it's used a lot to describe most altcoins out there, that's not really exclusive to cryptocurrencies.
Well, for the past 1.5 years marketcap is shrinked about 4 times and we have hundreds of new coins in it. Lately a lot more started to launch too. While I believe in future of cryptocurrencies we should agree that situation is not looking very good at the moment.
Agreed, although the rate of new coins has actually
slowed down. It reached a peak in mid 2014 and has been declining since then.
I posted an earlier thread about the declining quality of altcoins here:
http://bitcointalk.org/index.php?topic=741706My actual opinion on the subject has changed a bit since then. I find that the average quality has dropped but there are still a few innovative and non-scammy ones out there which have potential. Problem is, the sheer number of scams and shitcoins have made searching for these all the more dangerous.
Hopefully this bear market will end soon and coins which bring something new to the table will be rewarded rather than pushed down along with Bitcoin and the rest of the crypto markets.