Replace it entirely? Not a chance. There are some books I'll want to keep in their print editions, regardless of the availability of ebook copies.
There are, however, plenty of books I've already replaced with ebooks, and plenty more from the shelves that I plan to replace if their publishers ever release ebook editions.
I don't think of the ebooks as replacing my library or making it obsolete. They're part of my library -- the part that's growing the fastest because shelf space isn't an issue with ebooks.
And a good library is never obsolete.
Bests to all,
--tr
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