It's not going to kill Destiny for me but the amount of time I "need" to spend playing Destiny becomes less and less as I have plenty of legendary and exotic stuff now. I'm pretty much just going to go in and get my weekly heroic coins, maybe do some nightfalls and the get disappointed by the raid giving me anything at all but the stuff I need. I just made a start on Xenoverse and it's way beyond what I was expecting.
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I got xenoverse yesterday. It won't kill destiny, but it'll possibly reduce peoples destiny playing time, including my own.