I used to paint my chain, but the sand rubs it off too quickly. Now I use large zip ties, red, white and blue. The first 100' of chain uses red zips, one at 25', two at 50', three at 75', and four at 100'. The next hundred feet get the same treatment, but with white zip ties. They seem to last a long time and feed through the windlass with no problems. The paint used to end up on deck, in the chain locker, just everywhere but on the chain.
"There is simply nothing more worth while than messing around in boats."