Since most startups fail, equity in an unknown startup can only be rationally valued at $0. Even if equity in your company has a positive value, it's likely to

Since most startups fail, equity in an unknown startup can only be rationally valued at $0. Even if equity in your company has a positive value, it's likely to be diluted if the company raises additional funding rounds. Employees who understand this would be unlikely to exchange a market salary for equity.