I understand if the company is paying a good base salary, then the equity is basically bonus to compensate for working the extra hours and working in a company

I understand if the company is paying a good base salary, then the equity is basically bonus to compensate for working the extra hours and working in a company that could go out of business. There is a balance. If the company wants you to accept a lower base in exchange for higher equity - then you better ask yourself, "hey, does this mean that the remaining salary buys that equity? If so, then why don't I start earning it immediately?". Just because someone doesn't offer you a fair deal, doesn't mean you can't demand a fair deal!