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I think the better all round solution (in terms of privacy, functionality and maintenance) is to go with a free private git hosting provider like assembla.com. I have tried both the dropbox solution as well as setting up git+ssh on a vps, and assembla is now my goto for personal and side projects.

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how is it better for privacy to use a private git hosting provider than any other linux box you control?

If you don't care about privacy, then you might as well just use github and have access to all of their cool collaboration features.

Because it's incredibly dangerous to think your machines are more secure just because you own them. How much time per day do you spend making sure your machine and everything on it is secure?

We employ teams of people to keep your code safe on GitHub.

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