Not quite. It's a claim on a distributed processing infrastructure. Where every node processes every instruction. So not worthless. But not very efficient.
Very inefficient things tend towards worthlessness. For instance, I could open a business where u send me source code via mail and I will compile and run it for you and fax you the output... my business would effectively be worthless, unless I convince some gullible people that I’m revolutionizing the computer industry, in which case there may be some temporary positive worth to my company’s stock...