Why does he not use better equipment or technology to fish?

The old man is poor and humble and can not afford better equipment. He lives in a small shelter and eats when he can. He gets a lot of help from the boy who seems to care about the old man very much.

Why does the old man want the fish?

The old man went along time with out fish while everyone else was getting lucky. He wants the fish to help feed people and so he can make money.

Why can’t he cut the fish up before the sharks get him?

The old man’s skiff would not be big enough to bring the fish into and cut up. It would be almost impossible to cut up something so huge with out it hanging or being on a hard surface. Also if he did cut it then all the blood would bring a lot of sharks.

Is the old man truly going crazy?

I don’t think the old man is “crazy” I think he is just tired and his head is getting foggy. When people get tired they seem to do some weird things. So in this case he is talking to himself. Maybe he is just trying to keep himself company.