So after that really big patch early this week every time i go to play the game it does the checking for update, verifying content then it goes to installing destiny and has the 1.01mb install after the patch. It keeps doing this even though i patched it early this week. Its done this for three days now.
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You probably need to clear your cache. This can be done by unplugging your console for about 10 minutes. After that it should do one more install but then you should be clear.