First, please understand that it is not a full cure. People could gamble money up front to qualify for higher royalties later on. Without TeleRead, traditional books will gradually lose their appeal amid distractions ranging from two-way video to the traditional mailing lists. The financial incentives will not be there. People will write for free just as on Usenet, or for crumbs, given all the competition, and some good works will find readers, but as a rule, Gresham's Law will prevail.
Quality takes time, and money can help.
What's more, some novelists may devoted decades to individual novels. B y contrast, TeleRead would make it possible for the public to read book after book by professional writers who were not pressured to forfeit royalties on library books. What's more, readers could share copies of electronic books without a Copyright Gestapo threatening them. Tracking devices, configured to respect privacy and using the same principles as anonymous digital cash, would report accesses. So writers and publishers could earn proper compensation from a national library fund.