Today I had this really neat idea for backing up my database: put the dump file in a git repository, then commit on each dump so that I have both the most recent copy, but can easily roll back to any previous backup. I can also easily pull a copy of the repository on a regular basis to keep a copy on my own computer as a backup of the backups. It definitely sounds clever.
However, I'm aware that clever solutions sometimes have fundamental flaws. What sort of issues might I hit storing mysqldump diffs in git? Is it worth it? What do most people do in order to have multiple database backups on the server and keep redundant copies elsewhere?