Why don't startups pay people in pure cash instead of illiquid options+cash? http://danluu.com/startup-options/ …
The other thing is that the preface assumes that people don't know that you can quit, but I commonly hear people say they'll join N startups
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in the hope that one of them takes off so I don't think the idea that one can quit is missing from the discussion.
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IMO, the things that are most opaque about options are the rates of events that screw over employees. VCs have enough data to know this, but
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