Oh it could be done ever so easily. See the bitcoin guys could go well since that first 21 million bitcoin printing operation is chugging along we are going to set up another one. Now this one will be separate algorithm but they are both called bitcoins and are exactly the same.
I mean there are no rules to say they can't do such, after all they have the same power as the FED does over creating dollars. There is no Government Agency regulating this currency.
The Bitcoin community is self-regulating.
The answers to your questions can be found here: https://bitcointalk.org
Where are the Bitcoin jokes?
Well lets just hope they don’t start doing the QE in bitcoins.