And that's not a small market - $50bn was traded in the last 24hrs according to coinmarketcap.
On the other hand, my knowledge of all this is pretty superficial. But the one thing that sticks with me that the naysayers keep bringing up is just that: no one (or very, very few) is actually using bitcoins in any useful way other than trading them with other bitcoins.
KCS are a little unusual in paying dividends but the whole crypto markets I think are moving towards being more like traditional financial markets. At the moment it's just shares in a business trading crypto but in the future I could see maybe shares in a business doing more normal things.
Kucoin collects fees.
Holders of Kucoin "shares" get 15% of the fees paid back in crypto (monthly?). I believe Cryptopia and other exchanges did something similar.
"bitcoin" is not a generic term for cryptocurrencies. He didn't trade his bitcoins for "more bitcoins", he traded it for a token that represents a share in a company
While I do think the whole crypto market is insanely overvalued, there's definitely a lot of value in there too. In the future I could see stock exchanges replaced with token exchanges, and all stocks being crypto tokens
Again it sounds like you're confusing the words "bitcoin" and "cryptocurrency".
They are a cryptocurrency exchange. You can trade Bitcoin for other cryptocurrencies (such as Ether, Litecoin, etc).
They have issued their own cryptocurrency called "Kucoin Shares", which represent a share of the exchange. I'm not sure exactly how this works and if it has any legal weight, but they pay some percentage of their trading fees to holders of these shares