It's not pointint to anything - it's actually the result of what would be an unnecessary comparison.
Normally you'd always expect two operands to perform the "IF" implied in a while statement with one or both being some variable.
In this case while(true) can be viewed as shorthand for while(TRUE == TRUE). Since the result of this comparison of two identical constants is always going to be TRUE, the briefer form avoids an unnecessary comparison.
A while loop will loop indefinitely until the break condition is met. A for loop will loop a fixed set number of times or until a break condition is met. Yes, a for loop would be better suited for the above example.
Have you ever noticed? Anybody going slower than you is an idiot, and anyone going faster than you is a maniac.