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Long before Movabletype or Blogger, long before Peterme said the word 'blog" was Yahoo! Picks.. starting back in 1995, it's now an amazing guide ot what is-- and was-- cool on the web for the last 8 years. Yahoo's Picks of the Week for 8-13-95 | Yahoo's picks for Today
If you're going to use these criteria, then the original blog was probably NCSA's What's New list, dating to June, 1993.
There were lots of these types of sites predating Yahoo, some with the right blend of 'snarkiness' and opinionated editing which defines the blog form.
For instance, Mirsky's Worst of the Web began sometime in 1994. However Yahoo may be the longest running example.