This rings very true. I've interviewed with and turned down 8 YCombinator start-ups in the past three years. Of the 8, I would have been within the first 5 employees of 6, within the first 10 of the remaining two. They all offered below market salary in exchange for "huge equity". Thoe "huge equity" offers ranged from 0.35% to 2% (the 2% one offered me 40% of market-rate). I didn't mind, I was only interviewing to network and try to sell my $150/hour consulting services to them. (3 of them are still customers). Being an employee for a start-up is a sure-fire path to an early grave in potter's field.