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There is a big difference between PG and Arrington: PG states that you should be working for yourself. YC is set up to allow entrepreneurs to make money if they work hard and a big part of that is allowing a company to grow before being required to take VC money - allowing for a better valuation.

Sleeping under your desk with .05% equity? Probably a bad investment.

Sleeping under your desk for 45% equity? Well, roll the dice. At least you will get paid if it works.

Yes, 5 basis points is complete and utter crap. If you're going to work crazy hours, you might as well benefit from it proportionally. Gone are the days in tech when early employees would be rewarded for taking pay cuts in exchange for a higher amount of equity only to be completely diluted by each round of funding and the greediness of the MBA holding business founders.

Sadly, those days aren't gone. But the days where those are the only option are gone.

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