greg, the admin of ps3-hacks.com, has offered a $500 reward, for anyone who is able release an open source version of PS Downgrade, here is a quote from the source:
I know many of you out there are just dying to hack your PS3, but unfortunately you’re sitting at firmware 3.42 or 3.50, right? Now if you have a few extra bucks to blow then no biggie — buy the PS Jailbreak device and PS Downgrade software — you’re set. But lets say you’d rather save your money for something cooler, or better yet, you possess mad skills and want to pocket some extra duckets to take your girlfriend somewhere nice, well here’s your chance to shine… Be the first to deliver us (Dashhacks) a working open-source solution of PS Downgrade and we’ll give you $500 USD (via PayPal).
We have some files that may help get you started:
1. PS Downgrade Files: contains a modified 3.41 PUP file, Lv2diag.self.1 (used to flash the PUP), Lv2diag.self.2 (takes the console out of factory/service mode after the fact), PS Updater (the software used to flash the PS Jailbreak device), and an FLA file specific to my PS Jailbreak (this file is flashed to PS Jailbreak via PS Updater).
2. Pendragon and Co. has dumped the USB traffic from PS Downgrade. You can find those data dumps right here. You’ll also need Beagle Data Center software to read/analyze ‘em.If anyone else has/knows anything that may be of use in reverse engineering PS Downgrade, please share via the comments. Otherwise, if you’re the one who succeeds, we owe you $500 big ones and you can contact us via hacks@ps3-hacks.com. Any questions?

SOURCE
Thanks to D_O_A on IRC for the tip.




11-22-2010
04:35 PM
Í have a 3.41 version. I jailbreaked my ps3 but i don't know how to use the

ps3groove.
Now it don''t care because it's patched. you have to update to 3.50. When there wil be a new Groove??
11-22-2010
05:05 PM
@Hazbollacrew are u on drugs , cos what ever u said does not make anysence , lay of the crack lol
11-22-2010
05:17 PM
11-22-2010
06:12 PM
Also note that you will need the jig_keys to successfully enter service mode and the only one who have the hv dump to the ps3 is geohot. If you want to find out by making your own hv dumper with the exploit, find it in the dump of the PSDowngrade or dump it via OtherOS its your pick.
11-22-2010
11:24 PM
Thanks Greg! I think we will see something very soon thanks to this.
11-24-2010
04:48 AM
First update jailbreak with pbdowngrade flash file. Note: It is still jailbreak with a new payload.
Second extract the dump from the jailbreak just like how the original was done.
and create new source code based on that.
11-25-2010
02:57 AM
I wish them the best of luck tho, and the reward would be well deserved. I only wish there was a way to donate via paypal to boost the reward, to in turn get even more attention on this... If this works out well, then have a whole series of rewards based on different criteria.
Like:
First payload to be installable to the ps3 xmb.
PSN support (again, kind of a moving target)
Payload or some kind of exploit for 3.42 or 3.50 / later (not just downgrading, but similar to what a lot of people thought the psjailbreak guys were saying, in their press release about post 3.41 installs)
11-26-2010
03:48 AM
hello? I'm from Russia. I have PS3 Fat with 3.15. Also Linux. But i don't know, what to do next?