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Nothing will disappear from your computer.
When you buy books at Smashwords, it keeps track of them in a library there (so you can re-download or get updates).
If you download a book at Smashwords that says "free", you don't put it into your library AT SMASHWORDS. So, if the author raises his price, you would have to buy it to get access again (there, not on your computer).
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