Not enough guidance from advisor
"we have had to cancel one project since I have no motivation at all for that project". What exactly is the relation between having a meeting once a month and not being motivated? This to me sounds more like an excuse rather than a good enough reason. 

In the third year of your Phd having one meeting a month is not too bad. Your supervisor is assuming that you know your way and at this stage you should be left to figure it out yourself rather than him spoon feeding you. Of course he will still have strong opinions and might say what you have done is not the right way. It might be that he is busy/not happy with you/thinks he has mentioned to you before how you should do it and you are not listening or that you have a problem in your relation that you don't even know of. If for instance you are just not motivated the way you described its not unnatural for your supervisor to not be so happy with you. 

Next time you meet him once he rejects your idea ask him for suggestions and guidance on what to do. Ask politely and genuinely, and if he is not forth coming explain that you need help to figure it out. If he says your results are garbage ask him given his freaking awesome powers and knowledge how he would have done the work differently. He is only human and sometimes complementing somebody can go a long way. At all costs try to be more motivated and don't exhibit the behavior you described in the first part of your message. That's not going to do you any good and might be the root cause of all of this pain.

I don't see why you should drop out after investing so much time and effort. It is in the interest of both of you to sort out the situation and no PhD advisor would like to see someone dropping out after three years (at least for their selfish interests).