Board Thread:Theories and Speculation/@comment-31099706-20170510101001/@comment-734582-20170513090630

OnlineLurker wrote: @Thekillman It seemed more like they did their own thing, you know like a independent "chakra collector" type of thing. I agree, we haven't seen the otsutsuki homeworld yet though. Official translation said kaguya was frightened by them, it could be simply that she was afraid they'll take her chakra but it has to be more than that. Well, it seems that a thousand years later they were the only ones left, so it makes sense they're doing their own thing now. Judging by Kinshiki's comments, Momoshiki and Kinshiki may not even be the original Threat but the descendants thereof.

After all, we don't know what the greater threat was exactly: It's assumed that Kinshiki and Momoshiki were. But what if Kaguya was simply referring to the entire Otsutsuki race, or the entire race outside of the Shinobi world? Kinshiki and Momoshiki are apparently the only two left of them, so they're the modern interpretation of that threat, but that doesn't mean they were what Kaguya referred to.