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Will Y3K cause a panic like the last one Did?

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No. Y2K was due to stupid programming practices by people in Redmond, WA. The year 2038 is the next problem year...
VeronicaPrincess · 61-69
@SomeMichGuy Why 2038?
@VeronicaPrincess UNIX/Linux machines will have their clocks roll over (they count seconds from 1 Jan 1970, with negative & positive offsets and 32 bits gets you to 2038).

Redefining it to be 64 bits and putting out the appropriate kernel/library updates is one way of putting this off, much further.

I think the Wikipedia has an article on it.