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I was really puzzled because of this. I have a pihole dns server that today decided not to work too well, so I reconfigured my whole setup and got internet again. Couple of hours later, steam decided not to work and I though to myself "here we go again..."

Took me a while to find out that steam was actually down

Never seen Steam down this bad. Everything is down, can't even see the online store: https://store.steampowered.com , they're gonna lose a lot of money and maybe some market to other platforms. Sabotage?
The timing doesn't fit. Not a holiday sale up, just a THQ Nordic sale, if I remember right, and a small bunch of games... if someone wanted valve to bleed, they would have timed the attack better.

I believe this to be just a technical mishap. Steam store was responding with an error, now it just times out, meaning they took down the load balancer and cdn for the site to prevent collateral DDOS (when people keep refreshing the page to see if the service is up again)

Probably during a sale the techinicians would be a lot more prepared for a possible downtime and ready to fix it, now it could be more of a surprise? But yeah, could also just be someone clicking the wrong button.
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It's back up
Store is up, still can't login to Steam client. Interesting that they first fixed the Store. It was either easier to fix or it made more sense financially.
Just if you can login to the store but not to the app