Nicknames are tough

How do you choose a nickname for your child? I guess nicknames are one of those things that just kinda materialize on their own (which is probably why they are usually awful). In my family nicknames are kinda a big deal. Some people go by their nicknames more than their given names including the person we are naming our child after. What if we don't choose a nickname for him and people come up with something awful, it's a possibility. And even more important how do we avoid having people call Michael Mike? or worse yet Mikey (i think that ship has sailed since even i have done it)? So I need some ideas... what are good nicknames for a Michael, that no one has met....