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Symptoms of Internal Clock Error
Users of PS3 consoles experienced an error message on March 1, 2010 stating that "An error has occurred. You have been signed out of PlayStation Network (8001050F).̶1; Systems impacted by this error had their internal clocks set back to January 1, 2000 and were unable to launch games or set the date and time on their PS3 consoles.
Purchased Content
Content that was purchased or rented through the PlayStation Store prior to March 1, 2010 was not available during the internal clock error. Sony released a statement later that day that the problem with the PSN was resolved and that users could safely access all previously purchased content.
Resetting the System Clock
After the PSN error was resolved, PS3 users still had to manually set their system clocks to reflect the accurate date and time. The internal clock can be reset through the XrossMediaBar's Settings section. You may elect to input the date and time manually or opt to have the system clock automatically updated from the PSN.
Controversey
Although the outage only lasted a few hours, Sony has not publicly stated what caused the error or how it was fixed. Sony released a statement that the error was caused by the internal clock considering 2010 a leap year, causing concern among fans about the effects of the 2012 leap year on their PS3 consoles.