Without an anti-dilution clause, early investors can be stomped all over by later investors. NB: I'm not disagreeing with your arguments for why anti-dilution

Without an anti-dilution clause, early investors can be stomped all over by later investors. NB: I'm not disagreeing with your arguments for why anti-dilution clauses are bad. But minority shareholders are otherwise relying on the trust from the board, which has every incentive to screw them over, so it's a no-win situation.