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Hey guys, quick question. I just picked up a 2nd-hand PS3 running System 4.70 OFW.
I've been checking online and it seems the way to jailbreak this is to downgrade it to 3.55 first.

is this correct?

Yes and no, first you must make sure it is able to be downgraded to 3.55, you will have to invest in an e3, progskeet , or teensy flasher, it's not as simple as it may seem, do your research before committing to it.