is destiny in the same time line as the halo universe, because if you look at the story line we know so far, then it seems like it is possible.
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I don't know if Bungie is allowed or even want to do much more with Halo. It is highly unlikely that there is any relation between Destiny and Halo. Bungie will probably take a few ideas from Halo as concepts for Destiny and they're probably going to reference Halo in an easter egg.