All of you are wrong! I have fixed several of these consoles before. It's a simple easy answer to fix this issue. Simply pull out the small circular battery inside the ps3 and this will fix your issue! It sounds stupid but for some reason the little battery that is used only to keep the date and clock running is also somehow tied to the memory of the console. So if I your console is corrupted and will not let you update and it just keeps looping during the update process...simply pulling out the small battery in the ps3 will fix any looping issue 110% of the time!! Try it and you will see I'm correct! Your console will never tell the correct time or date ever again but who cares because now your console,will be fully operational again :)