Note: This proposal has been edited, changed, and clarified based on shareholder feedback.
A strange thing about my credit union is that I have to have $5 in my savings account all the time. This small amount represents my share of co-ownership and also secures my membership, giving me a stake in the institution's well-being. Shares of KmikeyM are somewhat similar, creating the shareholder community, but don’t provide me with quite the same foundation as the credit union.
The shareholder community not only approves my creative projects but they are the main audience of my various videos, podcasts, and writing. Most shareholders tend to buy and hold, maintaining their membership, while casting votes to help guide my choices. And I'll admit it bothers me a little when a long time shareholder sells all their shares.
The Membership Share
This proposal creates a basic membership tier for KmikeyM. Membership requires the purchase and holding of one share. This first share is called a "Membership Share" and will grant access to functions of KmikeyM such as seeing the vote and trade history, but also blog posts and other updates.
Each Membership Share will be connected to an account, and will create a clear distinction between the general public (0 shares) and the shareholders (1+ share).
This "Membership Share" (or the last share in any account) cannot be traded away on the market. Once a Membership Share is granted, it will be held in perpetuity.
This means that every shareholder will have one share that is designated the Membership Share and can't be sold.
UPDATE: Based on shareholder feedback we will grant every existing shareholder one free Membership Share if the proposal passes. It will be explained to new shareholders coming that the first share is a Membership Share which can't be sold, but all other shares can be traded.
A successful example of this is the $5 fee that Metafilter charges to allow users to post and comment. This fee allows the site to create revenue based on growth. The idea of the Membership share is the same, which is why it can't be sold.
Goals and Advantages
When we started thinking about Build Week 2024 we talked a lot about membership and the idea of focusing on the members and building features that benefit shareholders. By creating more advantages for shareholders versus the general public we hope to increase the size of the community and encourage more trading, voting, and participation. A membership share is the first step of this development.
I will sometimes give someone a share as entry into the community, and this proposal would allow those people access to the community but require them to go to the market and make a purchase if they are interested in trading. And by putting aspects of the KmikeyM system behind a “share wall” it allows for discussion I’d rather not have in the general public.
And a big priority for this proposal is that it reduces the liabilities of KmikeyM. With each member holding one share that can't be sold, the financial burden I carry as a publicly traded person is a little smaller which helps cover operational costs. After an especially hard financial year in 2023, it's become a priority to create a sustainable model for KmikeyM.
This is also an opportunity to continue to experiment with the idea of community through capitalism. An idealized future based on this proposal could result in 100,000 shareholders, each holding one share, helping to enable the perfect decision making that comes from The Wisdom of the Crowds.
51 users voted with 5377 shares