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[shambles1980]

not a ps3 guy.
but im pretty sure that basically it went like this.

If you already had a modifed console "firmware modified"
you could not update your console as the new firmware would ruin things..
the hacked key meant that they could edit any new firmware so it wont ruin things.
you could then download this modified firmware, and update your modified console with a new firmware revision which did not ruin your mod.

thats in lay mans terms, but im pretty sure thats all that it was.

[Clockface]

OK, thanks.