[Thorrez]

> Because the company printing a single stock is already a signal it is worth a little bit less.

Good point. But I was responding to someone who said "theoretically", which I took to mean ignoring psychology things like this and just looking at numbers. Of course "theoretically" can have many different meanings, and I might have been misunderstanding how that commenter was using it.

> it's more tangible asset + speculative future assets

When you sell a stock for $100 the tangible assets went up by $100. So the second equation is actually ($V+$100)/(N+1).

> Imagine, I dont know, a crypto asset

Bitcoin is a bit different because people believe Satoshi's coins are literally gone, lost. I don't think that happens with stocks.