I have learned there's 3 categories to forgiving, not forgiveness, but to forgiving.
1. Forgiving Others
2. Forgiving Ourselves
3. Even though God never does wrong sometimes people feel God is the reason for things that have not been healed, solved, fixed, etc in their lives [so Forgiving God]
I have never had to forgive someone 7x70 times because if they make it a habit of doing things I forgive all and their last thing and then no longer have anything to do with them because they are not trying to change.
I've had to forgive myself the most because all of my struggles and problems generally were created by myself in life.
And I have forgiven God because I have felt let down, Prayers not answered, and the fact He let me be stupid so many times and I wrongfully blamed Him.
But I think the moral of the verse is that God forgives us that many times and continues to keep on forgiving us if we are sincere in seeking His forgiveness.