What do you mean exactly by real enemy? The Hive are pretty much the overarching evil who willingly and openly worship the darkness. They seem to be the end all be all, apocalypse causing bad guys. But they can be held off for a time since it seems the "darkness" and its followers have to recover so to speak. The Vex can be a real problem since the computerization of worlds, time travel, gate use, etc. are pretty powerful abilities. I can see them becoming a real big in game threat with a special dlc devoted to just them, especially if the "darkness" pushes them more. The Fallen, to me, have the biggest potential to be our allies considering their history with the Traveler and the "darkness". With Variks' urging perhaps the remaining houses could band together and be "good" with the rogue house or two obviously still fighting us. The Nine...well not much is known about them. They seem to be an entity that doesn't fit into a category of good or evil, more like they do what must be done for their whims and what they consider is for the survival of the balance of things. The Cabal have the ability to be the biggest threat. Yes the Hive are darkness worshipping conquerors and the Vex posses amazing abilities, but they are held back by philosophies, their own codes of honor/beliefs, etc. The Cabal's main goal is to conquer and cannot return to the empire until they win. They are fanatical, highly organized, heavily armed, and posses world destroying tactics that they will employ. The Traveler being the enemy in my opinion is silly. I know it has been said that in the original script he was rumored to be the big twist, but I'm glad I've heard they changed that. First it would be silly and too cliche. It would make for a great book or even movie plot...but as for a game that I am actively a player character in...it would destroy my motivation to play. Let me explain...why would I want to continue playing the game as a dupe, rube, and now species destroyer? Sure redemption is a huge motivator and that would be great in a book, but I would feel that my character is dirty and would probably stop playing the game if it went that route. I like being a hero. I like fighting the evil. I am not a fan of anti-heroes or gritty borderline evil guys who become heroes. Just my two cents.

Variks will be last raid boss You assemble a fireteam of at least 3 and at most 10. You travel to a new dimension named, "variks le mines" ruled by the all mighty, Variks, the nipple rubber. Once you reach him(after 10 waves of dismantling mines), he sends out 3 mega mines that need at least 3 people on each in order to dismantle. Once these are set off, Variks will call out an important target that has Golgroth HP(easy kill by year 10), once IT is dead, Variks will then summon himself and rub his nipples, thus summoning 2 screaming Omniguls that can't be killed until one of the fireteam members quite the game entirely (so forever, no more logging in on that PS/Xbox onto destiny). Once that person quits, they will auto die while screaming beyond human hearing and into dog range(also there must be 5 dogs per fireteam member (including quit one). Variks will then die, the end. [spoiler]dismantle mines, yeeeesssss?[/spoiler]

The speaker not the traveler. My theory. What if the traveler was anti war? What if it came to give us peace and joy, but then the speaker came along and told us to eliminate the enemies of the traveler while the traveler wanted to make peace with them. It tried to leave so the speaker had his robot friend Rasputin shoot it out of leaving. He had to come up with a reason to do this so he faked a collapse where he sent a group of enemy guardians to fight the explorers. When the guardians got there the new alien races tried to protect their human explorer friends. So when ever they see a guardian they still try to protect their friends that are left. The speaker also created robots called ghost and said they came from the traveler. These robots convinced us to kill several aliens we could have allied with. Jk not my theory.

The traveller, just looks like it may have secrets

The speaker, Traveler isn't a thing.

Op puts not traveller in title [spoiler]puts traveller as a poll choice[/spoiler]

Activision.

Vex. Isn't that obvious they are the #1 Enemy race.

The Traveler. It tried to leave us but Rasputin stopped it. Just like it left the Fallen and now we kill them.

There is no good or evil really. Just life trying to survive. Even the Hive are just trying to live... Last... Endure. The traveller is neither benevolent or malevolent. Just a life form doing what it must to continue. Some may see that as evil, but that's our perception. If you really look at all the races... All the enemies... They're really just surviving... But, there will have to be an enemey I guess... My money is on The Void itself. The worm. Darkness. It's trying to survive and it needs to consume light to do so... Uses various methods. Various life forms. I think we will find away to destroy both the power of the Dark or void and the light and life of the traveller... Balancing the universe... Cleansing it of these two entities manipulating us and others for their own survival. Yea... That sounds good to me...

The Hive gain their power from worms (ahamkara) which are agents of the deep (darkness). The Hive, however, are not evil. Nor is the darkeness. They serve the pourpose of helping the universe achieve it's final perfect shape, where only the strongest will exsist, and all weakness be eliminated. The Vex are another agent of the deep, however they worship and accept the deep's control over parts of them. (Also let into our particular universe because of Crota's dicking around.) The cabal are running away from the darkness (or, the force that came to our sol system is. Remember that cabal can't go home to big daddy empire until they win.) finally, Fallen were like us. Found by the traveler, Given a golden age, hunted down by oryx, but not quite exterminated yet. They decided to follow the traveler around because wtf bro you srsly leavin us behind? So Crota was all like yo dad gonna go kill those 4 armed fgts and oryx was all like k cool and then crota found us too and was like ayy more shit to wreck so he wrecked us and eris was all like bruh... And we know the story from here. TL:DR - Fallen are Just trying to get their shit back, Cabal are running, Hive are Philisophical assholes, and vex are kissasses that are ALSO philisophical assholes.

I think it's going to be the City

I have a Theory: Crota was the son, with its own sword slain, One at a time, the daughters felt the pain, Oryx was the father, whose darkness showed the way Warpriest slowly fell, no words to ever say Golgoroth you little pet, slain you'll be in two, Tell us Nokris dear, who the hell are you?