alt Hacker NewsAs currently practiced, yes. Non-dividend non-voting shares might as well be pokemon cards. Their only real value lies in getting somebody else to buy them, and new money has to flow in from the outside. The question isn't "will it collapse?", it's "when?"
AFAIK, US stocks pay back mostly as buy-backs.
The fact that those are so few relative to what dividends would be is a measure of the market's (lack of) health. But it doesn't automatically make the market a Ponzi scheme.