Since I am only one developer currently, and there will probably be bugs, I don't want thousands of people having the same bug, this is the reason I'm not releasing it right away.
Also, if it's bugs and the reporting of that you're worried about, maybe publish a proper bugtracker (github is both adequate and free) rather than just an email address?
* slashdot effect; as in taking a webserver down just with the amount of people viewing it. Or to put it another way, if you wanted lots of people viewing your project, let them. If you don't, then don't advertise it to them!