This is a discussion on Bolts Collection Glitch within the Ratchet & Clank forum, part of the R; There was another one posted somewhere about glitching through a wall in Rilgar to get onto the racing track, but ...
There was another one posted somewhere about glitching through a wall in Rilgar to get onto the racing track, but that just sounded insane. Anyways, there's a much simpler one for collecting bolts.
Head back to the Gremlik Moonbase (revisit after you defeat Qwark) and use the teleporter right in front of your spaceship to teleport to the fighter bay. Head down the pathway to the elevator and get it to open. It shouldn't take much. It doesn't always open at first but just walk back and forth in front of it and it should. Stand on the button and head down. The elevator door won't open for you.
This is the big room where you previously fought the large amount of enemies, that has multiple respawners along the edge and a few of those bots which shoot the flares along the ground. The thing is, that elevator door is programmed to only open once you've killed all the enemies in that room. If you revisited the planet, they should have all been respawned. They'll all head over to the door and try to start attacking you, and the taller guys shooting flares will start killing all the little ones. You'll see the lines coming through the door as they hit it, but they won't hurt you. Just sit there next to the door and you'll slowly but surely start collecting bolts from all the little guys dying.
May take a while (you can just leave it sit there overnight, etc), but it's easier than attempting to fixate your controller to hold down the circle button for the alternate glitch.
I'm trying your method out as I type and it works but it is really slow. I think in about 5 minutes I have collected around 500 bolts or so. It is not a terrible amount but I am looking at hours upon hours of letting the PS3 slow grind this out. Thanks for the heads up on this though as I have tried the race glitch and have yet to actually be able to make it down on the track to even try it.