I've been doing this since Dropbox 1.0. Haven't had any serious issues since 2.x, and the benefits of having my complete working state available everywhere far outweigh the risks.
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You may be ignoring the risk that people hear you're doing this and decide not to take you seriously as an engineer. There are clever Dropbox productivity hacks. This is not one of them.
If people were to form such an opinion of me based on that, I wouldn't take them seriously as peers.
There is no magic involved, and if a git repo ever breaks (which, ironically, last happened on a SCM server), I know enough about the internals to fix it by hand.
(although I would probably simply rewind Time Machine or pull from the central repo if it happened on my Mac - less time and hassle)
I just realized that by "DB" you meant "DropBox." I was reading it as "database" and thought you were putting MySQL files on DropBox! Hopefully my strong words make more sense now... apologies!