Tumblr is on its way back up after an extended outage that started yesterday.
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While the outage was certainly a bad and stressful thing for the company, it shouldn't cost it too many users, provided it doesn't become a habit. (And provided there wasn't a massive data loss.) It's not like this is an expensive enterprise software suite.
Tumblr's twitter account says: "The recovering database cluster is online and healthy. We're incrementally opening up access to blogs while monitoring performance."
For proof, here's a screenshot of Tumblr founder David Karp's blog.