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Of course it is possible, yet there is nothing in it for MS.
And as Sony has seen last gen, an extra OS only opens the door for piracy.

BC gives MS a lot of positive media attention, plus its a nice incentive to give BC version with new games.
Allowing PC games to run on the the XB1 with all the variable performance issues that gives is an invitation to disaster. BC games are hard enough with only a couple per month being added and performance issues plaguing certain games.

You can already stream games with Windows 10, much easier for MS. Keep the responsibility with the user.