The 8001050F error in the PS3 was due to a problem with encoding the year 2010. It's Y2K all over again.
According to Wikipedia:
Year 2010 problem
Some systems had problems once the year rolled over to 2010. This was dubbed by some in the media as the "Y2K+10" or "Y2.01k" problem.
The main source of problems was confusion between binary number encoding and Binary-coded decimal (BCD) encodings of numbers. Both binary and BCD encode the numbers 0-9 as 0x00 - 0x09. But BCD encodes the number 10 as 0x10, whereas binary encodes the number 10 as 0x0A; 0x10 interpreted as a binary encoding represents the number 16. For example, because the SMS protocol uses BCD for dates, some mobile phone software incorrectly reported dates of SMSes as 2016 instead of 2010.
Among the affected systems were EFTPOS terminals,specific mobile phones, and older Sony PlayStation 3 models. Windows Mobile is the first reported software to get this glitch as it changes the sent date of any phone message sent after 1 January 2010 from the year "2010" to "2016" The most important such glitch occurred in Germany, where upwards of 20 million bank cards became unusable, and with Citibank Belgium, whose digipass customer identification chips stopped working.
The 8001050F error caused games and the PSN to not work. According to Sony:
We are aware that the internal clock functionality in the PS3 units other than the slim model, recognized the year 2010 as a leap year. Having the internal clock date change from February 29 to March 1 (both GMT), we have verified that the symptoms are now resolved and that users are able to use their PS3 normally.