Late last night Error: 8001050F hit PlayStation 3’s ’round the world.  At first it simply did not allow PS3 users to log into their PlayStation Network accounts and play games online.  Since then things have taken a turn for the worse.  Apparently this error is turning back the console’s clock to January 1, 2000 causing major problems like data loss.  Sony has figured out that the error is only affecting ‘fat’ PS3 models; all PS3 Slim models should be in the clear.  In the meantime, if you own a ‘fat’ PS3, Sony is recommending its customers: DO NOT TURN IT ON until the error is fixed.  Sony “hope[s] to resolve this problem within the next 24 hours.”  Look after the break for official details on the matter straight from PlayStation Blog.

Check back for updates; I’ll be sure to let you know when Sony tells us it’s safe to start gaming and Blu-ray-ing again.  What a disaster.

UPDATE: According to the official PlayStation Blog the PSN bug has been squashed.  They say it’s safe to turn on “phat PS3s” now.  Joystiq spoke to a Sony rep; check out the short Q&A if you are concerned with lost trophy data and the like.  Cue sigh of relief.

[Via PlayStationBlog]

As you may be aware, some customers have been unable to connect to the PlayStation Network today. This problem affects the models other than the new slim PS3.

We believe we have identified that this problem is being caused by a bug in the clock functionality incorporated in the system.

Errors include:

• The date of the PS3 system may be re-set to Jan 1, 2000.
• When the user tries to sign in to the PlayStation Network, the following
  message appears on the screen; “An error has occurred. You have been
  signed out of PlayStation Network (8001050F)”.
• When the user tries to launch a game, the following error message appears
  on the screen and the trophy data may disappear; “Failed to install
  trophies. Please exit your game.”
• When the user tries to set the time and date of the system via the
  Internet, the following message appears on the screen; “The current date
  and time could not be obtained. (8001050F)”
• Users are not able to play back certain rental video downloaded from the
  PlayStation Store before the expiration date.

We hope to resolve this problem within the next 24 hours. In the meantime, if you have a model other than the new slim PS3, we advise that you do not use your PS3 system, as doing so may result in errors in some functionality, such as recording obtained trophies, and not being able to restore certain data.

As mentioned above, please be advised that the new slim PS3 is not affected with this error. We are doing our best to resolve the issue and do apologize for any inconvenience caused.

For the latest status on this situation please continue to check either the PlayStation.Blog or PlayStation.com.