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 Not a scam but most likely worth nothing. 
 If part of your comp is a unilaterally dilutable share which is likely worth nothing, I mean, kinda scammy, right? 
 Any form pf compensation plan that is even remotely complicated is scammy. 
 Most of them are risky, but would not use the word scam.

Some might be though, but not all. 
 I'd disagree--I'd ALWAYS want options when I'm working in a startup.

Then you (and everyone else working there) has some skin in the game 😃  and if you (and by extension the company) become successful, then the payoff can be tremendous.

I'd go one step further--I'd probably NOT work for a startup if they DID NOT offer options...