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The Bekenstein-Hawking entropy of certain black holes can be computedmicroscopically in string theory by mapping the elusive problem of countingmicrostates of a strongly gravitating black hole to the tractable problem ofcounting microstates of a weakly coupled D-brane system, which has no eventhorizon, and indeed comfortably fits on the head of a pin. We show here that,contrary to widely held beliefs, the entropy of spherically symmetric blackholes can easily be dwarfed by that of stationary multi-black-hole``molecules'' of the same total charge and energy. Thus, the correspondingpin-sized D-brane systems do not even approximately count the microstates of asingle black hole, but rather those of a zoo of entropically dominantmulticentered configurations.

How many black holes fit on the head of a pin?