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Wow, lots of misconceptions here.
You can go beyond 99 % uptime. In fact 99.9 % and 99.99 % are two very different things. "Nines," the number of them that come after the decimal point, make the difference between a $3 hosting plan and a $300 one.
A lot of network updates can be done "hot," while your site is up, but some cannot. Occasionally any number of things could happen. The Pacific Northwest was hit by intense wind storms, Stanley Park was all but destroyed, and many cities went without power for most of a month. While your server should or better have an uninterruptable power supply it's very possible for the power to go out longer than this, for the box to get hacked ( yes even if it's a macincrap ), or other non-routine things to happen. Anybody who adverts 100 % uptime is either naively optimistic, dishonest, or not really aware of what their business entails.
Also, your site going down for two minutes at 4:30 am probably isn't that big a deal. That's why the $3 hosting plans are so popular, because they're acceptable to most people. If you're running on demand web services or a very high volume store this could be a problem, but for most folks, the very occasional blip in service is okay.
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