An article appeared on the BitMEX blog this week comparing competition to the Bitcoin Core software project. It concluded that, even if the Bitcoin Core repository were hijacked or deleted, Bitcoin should remain largely unaffected.
BitMEX initially considered three different ways to compete with the Core project prior to examining at arguments for and against them. The types of competing projects fall into the following categories:
Competition between chains: A competing project which deliberately changes the consensus rules to the current implementation. Both soft and hard forks fall into this category, and the potential risk is that this could split the coin into two chains. Although, of course, this could be the intention.