I used pwnage tool before but I am new to quickpwn and I wanted to know if quickpwn if when I update the iPod OS will quickpwn erase my already installed apps from itunes or jailbroken? Also using quickpwn can I do a restore to defaults?
Yes and yes because to use quickpwn you must either upgrade or restore the 2.2 firmware in iTunes first. While one may upgrade, it is STRONGLY RECOMMENDED to restore as a new phone.
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