Cant restore iphone

My iPhone 3g is stuck on the apple boot logo and when I enter DFU mode and restore with itunes, it gives error 1601. Tried restoring with redsn0w and it cant detect the phone going into dfu mode. This happened ever since I went to setting and clicked on "erase content and reset all settings" and I was on a jailbroken fw. Am I bricked or is there hope, have someone who wants to buy it for 40 bucks

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