Playstation 3 owners worldwide are effected with the error and reporting that they are locked out of their Playstation Network online accounts. The console spit out an error code whenever they try to log on to their accounts.
The error message is "8001050F – Hardware failure. Cannot update Firmware or connect to internet"
Only the fat version PS3s are effected
It is believed to be caused by a calendar bug towards today's date (March 1st). The problem only occurs on older version of Playstation 3, surprisingly owners of Playstation 3 Slim does not even effected.
Please check up your Playstation website for more information. It's quite puzzling, how can the owners get a fix if they cannot login to their accounts? Sony would better get a back door to their Playstation Network open... but remember to guard it closely...
With a sudden glitch like this, it seems that Sony will have to do more to to win the wars of the consoles.