What is the best shiny hunting method for classic Gold and Silver games?

I read online that if you use a shiny pokemon in breeding, then any of the hatched pokemon that are the opposite gender of the shiny used to breed will have a 1/64 chance of being shiny

Example:

If the lake of rage Gyarados is male and you breed it, then all female magikarp eggs have a 1/64 chance of being shiny

Edit: I found a Reddit post with an image that explains this better 

https://www.reddit.com/r/ShinyPokemon/s/s6g5K61AtU