Is Self-Publishing A Ponzi Scheme?

With the growth of eReaders--Kindle, Nook and others, self-publishing has grown.  It's the least expensive way to get a book in front of the public, and when fewer books were available as eBooks, it offered an opportunity for authors who hadn't gone through the processes of honing their craft, dealing with rejections, making revisions, finding an agents and working with editors to get their book in print. Authors could shove out their chests and call themselves published authors.

But times are changing rapidly. The market has glutted and many well-known authors are piling the eBook market with out of print and new books. Publishers are now making new releases available in both formats, and for those who have a following, their readers now have choices to buy a paperback, hardcover or eBook. Choices are wide and varied for traditionally published authors, and thus more difficult for the unknown author.

Although the analogy is not fully applicable since an author offers a real product and not just a promise, but self-publishing also offers a promise that is not often fulfilled.

Richard Curtis provides a different outlook on self-publishing. You may agree or disagree, but it's worth reading.
http://ereads.com/2012/02/is-self-pubbing-a-ponzi-scheme.html