Sorry but that's a really crummy thing to say! Just because a woman has a child I don't think a man is "wastin" his time. I'll ask my husband who I met when I had three kids - 11, 7 and 5 and had a long marriage behind me if he thinks he wasted his time with us and with the little boy he and I made together. Your comment is very insulting to women with children and to those wonderful men that care enough to help raise a child they did not sire.
Steve, I hope you are able to work something out to keep that relationship with the child. If you've been in her life a long time, you are a special person to her and whatever is going on with you and her mother - she should not suffer for it more than possible.
I'm sorry your relationship has soured. It's a tough time to go through, I've been there myself. Just try to tough it out, talk with friends or family, take this time to examine what went wrong and your role in it as well as hers. Very few relationships fall apart just due to one parties actions and if we can learn from our role in it, we can go on to a better relationship down the road.
Avoid getting bitter, avoid getting drunk, avoid hating her or yourself or women in general. Break-ups happen and if anything is to be gained out of it, it's learning more about who you are and what you really want from life and a loving partner in it. You're going to feel like crap right now so do things that make you feel better or more positive, be kind to yourself but also try to do one positive thing each day to move forward so you don't get mired in this pain.