But to summarize. You basically want to wreck the current system on the basis that everyone will be diligent, reading all the time, just for the “greater good”, more so than their own profit.

No, that's a strawman. People won't all be diligent. But they will be more productive in general when they are not alienated from their labor. This has been proven with a bunch of economic data on socialist countries and data on cooperatives even within a capitalist environment.

And btw, about the “bare minimum”. No one has a reason to not do the bare minimum as they don’t get fired (consequences). There will always be the lazy guy who does the bare minimum, and everyone will get lazier because they’ll get jealous with zero consequences.

You're just literally describing capitalism and being like, what about this problem under socialism? The consequences are youre not contributing. Do you think everyone is suddenly going to be less motivated when they're actually able to realize the product of their labor, instead of having a parasite on top taking it?