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I think he's referring to the absence of a limit on the actual number of repos, which is only bound by the space given. If you can git 1000 repos in there, good for you, he doesn't care.

Granted, something like "2GB private git hosting" might be more accurate.

Yeah, it's always hard when people say "unlimited". Here I believe they mean unlimited users and unlimited repositories within the 2GB.

Maybe putting something like "(Virtually) Unlimited private Git hosting"?