It’s long been the advice (at least on HN) to assume the value of options are 0 if you are employee. You have no ability to control dilution as a mere employee,

It’s long been the advice (at least on HN) to assume the value of options are 0 if you are employee. You have no ability to control dilution as a mere employee, so in almost all cases they will be worth nothing. As a founder, you’re in control. Your equity is worth as much as you make it! But the more funding you need to take on, the more diluted you’ll be. Bootstrappers grow slower but remain in complete control, and can’t be screwed by rare events like this one (or more common dilutive events, which VCs may force on you).