[mardifoufs]

Wouldn't the chain still need to be quite intricate and pretty hard to make even then? Though now that I think about it, you could probably make it in a way similar to chainmail, since tight tolerances aren't actually that crucial (the results would suck, but only compared to modern bikes). Though the other parts might be just as hard to make and especially to fit together (the bearings, the gearing for the chains...)