Educate me on paint

[3 Squids]

I don't believe the paint sits below the water line. Even on the bow it is peeling quite a ways up. Looks like it's being "washed" away while underway. My biggest concern is where the bottom paint and topside paint will meet. Seems a very vulnerable area.

Spare that's a sweet looking hull. Maybe I'll just tow it down to you and have you paint it haha. I've never painted a boat but done plenty of cars and have had much success so I'm thinking I can pull it off.