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I have been using it for a few months, and it is working well. By default, you get daily snapshots, with a retention of 7 days; I believe you can buy more.
rsync.net is no-frills remote storage that gets out of the way of whatever you want to do. In my case, this is rsync over ssh, but they also support borg.
I don’t think I have ever heard it called that. Very apt, though.