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It means that you need to login on minecraft.net and download new launcher.
Maybe the server is temporarily not available or you are using anjocaido's minecraft launcher. If you have that you need to download Hamachi and Type Server iD IP Password and Gate
If it says login failed its either because your username or password is wrong or youdon'thave internet at the moment
To fix it, restart minecraft, and in the launcher, click the options button next to the login button and click force update, than try again
Delete %appdata%\.minecraft and change your password. Then in the login screen, hit options and force update.