The .NET Service is currently experiencing difficulties and users world-wide are unable to sign-in. The official .NET Messenger Service status page has not been updated as of right now. Users are experiencing error codes 81000314. Please disregard this error message because your host file isn't the problem here.
Update: It appears that the .NET Service is still down. The status page has yet to be updated. Users around the world have been affected by this outage.
Users that are trying to figure out what's wrong with their hosts file, be assured there's nothing wrong with it. This is a problem on Microsoft's end, not your computer.
We'll update you with more information as soon as we can! While you're waiting for your Messenger to come online, visit our Community Forums.
Update 2: The problem seems to have been solved and you should now be able to use Messenger again without any issues. Here is a Microsoft statement with regards to the outages:
Yesterday (September 10) and earlier today (September 11), we experienced two outages affecting a small portion of Windows Live Messenger customers. Caused by hardware problems, both outages were quickly addressed and have been fixed. The stability of the service is one of our top priorities at Microsoft and we are committed to providing our customers with the best service possible. We sincerely apologize for any inconvenience and disruption any outage may have caused.

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