whats the y2k millenium bug?..

scientist and computer people believed that the chips used in our computer then will not initiate year 2000, it seems that they tested the computer chips up to 1999 only, so there were very afraid that if computers will not transfer to the date of year 2000, and that all OLD computer will failed once they come to that certain date w/c is year 2000, there was a little panic during the time, specially in the banking sector, coz all your money will get lost once the computer stops. So its not really a bug/virus but a calculated error. Y-year 2 K-thousand so its Year2000