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Toph said..Have I fallen for a p!ss take? Am I missing something? If this isn't a p!ss take then it demonstrates perfectly the dangers of social media

Pretty bad picture as the yacht should at least be facing the anchor.
I haven't a clue really but thinking it through I guess we need to analyze what will happen when there is a stiff breeze and when the bow of the boat and the floats are going up and down with waves.
The weight of the chain is going to make sure that all three of those fenders or whatever they are float together in a clump when there is not a lot of wind.
If the float nearest the anchor is to keep all the chain off the bottom (as it must to achieve the desired object of protecting the coral) it is going to need to be of a good size if the water is deep and it is going to exert an upward pull on the end of the anchor shank as it goes up and down over waves which is exactly what you don't want when you need the anchor to set. It seems to me that the first float would approximate the motion of the bow of the boat and therefore the setup would be equivalent to having far too little chain out. To be fair however I guess the float wouldn't be capable of yanking as hard on the chain as the pitching bow of a boat as it would probably get pulled under a bit on big waves.
You are going to need a lot of different sizes of fender nearest the anchor to float the chain depending upon how deep the water is.
I'm going to say I don't think I would feel that secure.
On the other hand if there was only a short amount of chain and the rest was nylon the floats might be good to keep the nylon off the bottom and therefore protect it from chafing on the reef at low tide. In that case you aren't protecting the coral from the chain but rather the rope from the coral. Bit of an effort though.
Maybe just look for a sandy patch in between the coral.