Absolutely, but the chain of trust, in a way, doesn't start with the admin - only the explicit chain does. Implicitly, the chain of trust starts with all of us. We collectively decide if any given chain is trustworthy or not, and abuse of power will undoubtedly be very hard to keep hidden for long. If it becomes apparent that any given chain have become untrustworthy, we will cast off those chains. We can broke new bonds of trust, to replace chains that have broken entirely.

It's a good system, because started a new chain should be incredibly easy. It's really just a refined version of the web rings of old, presented in a catalogue form. It's pretty great!