That's only in anime canon. The Red Gyarados is a Shining Pokemon in-game, not just a miscolored Pokemon.Nope. The explanation actually, as to why that Gyarados was red in the first place, is that the Rockets made it evolve to quickly, and so it didn't adapt like most Gyarados's due, instead it retained its Magikarp color, so no a golden Magikarp does not become a Golden Gyarados.
That's only in anime canon. The Red Gyarados is a Shining Pokemon in-game, not just a miscolored Pokemon.
And Benmeister, the chances of getting a shiny through breeding are 1/64 if one of the parents is a shiny. Actually, IIRC, two shinies can't breed at all, because the similarity in the DVs makes the game think they're related.
In GSC, due to the fact that shiny Pokemon become so based on certain DVs and the fact that DVs are passed on through breeding, if a parent is shiny, the egg has a higher chance of being shiny as well.They become 1/64? I remember reading somewhere that one of the parents being shiny doesn't affect the chancesof a shiny egg.