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We construct the first smooth, horizonless ``microstate geometries'' thathave the same charges, dipole charges and angular momenta as a BPS black ringwhose horizon is macroscopic. These solutions have exactly the same geometry asblack rings, except that the usual infinite throat is smoothly capped off at avery large depth. If the solutions preserve a U(1)x U(1) isometry, then thisdepth is limited by flux quantization but if this symmetry is broken then thethroat can be made arbitrarily deep by tuning classical, geometric moduli.Interpreting these ``abysses'' (smooth microstate geometries of arbitrarydepth) from the point of view of the AdS-CFT correspondence suggests tworemarkable alternatives: either stringy effects can eliminate very largeregions of a smooth low-curvature supergravity solution, or the D1-D5-P CFT hasquantum critical points. The existence of solutions whose depth depends onmoduli also enables us to define ``entropy elevators,'' and these provide a newtool for studying the entropy of BPS and near-BPS black holes.

Plumbing the Abyss: Black Ring Microstates