I called BS on Chris Dixon on this on Twitter and he blocked me. It was when he and Paul Graham were arguing that "not enough (good)engineers exist for startups, so we need to import more". I was arguing that plenty of great engineers exist, you just have to pay for it.
I love startups because it's exciting and genuinely fun to be scrambling alongside a team who's as into their work as you are yours. In practice it's also very low risk, because I know that if my company laid me off tomorrow then I'd be unemployed for approximately a weekend before hopping onto another team.
FWIW, sane startups also take really good care of their employees. Mine has good pay and great benefits, and that's pretty common. You don't hear about those places on the front page of Hacker News, though.