This is fine for things or (relatively speaking) small relevance. But for topics like the political arena, history, law, academia… something like this would be a complete and utter disaster. A new editor at a newspaper could rewrite all the archives to reflect his point of view. You would not be able to reference any specific text, because it could be changed in a second. Say I publish a paper criticizing Mr. Newton on gravity and proposing my own theory of relativity, what would stop Mr. Newton to quickly rewrite his own work to match my (better) theory, and make me look like a fool? Say that all laws get digitized and accessed through an e-reader, what would stop unscrupulous people from rewriting laws “on the fly”?
Digital texts cannot be authoritative in the long term, not even cryptographic signing is safe for more than a few years. Breaking the “scripta manent” proposition breaks a number of assumptions on which societies have been built since before the Roman Empire; it should be avoided whenever possible.