| Summary: | It has been suggested by A. Sen that the entropy of two-charge supersymmetric bound states in string theory should be accounted for by adding the entropy of source-free horizonless supergravity solutions to the entropy associated with the horizons of small black holes. This would imply that the entropy arises differently depending on the duality frame: in the D1-D5 frame one would count source-free horizonless solutions, while in the NS1-P frame one would compute the area of a horizon. This might lead to the belief that the microstates are described by fuzzball solutions in the D1-D5 duality frame but by a black hole with a horizon in the latter. We argue that this is not the case, and that the microstates are fuzzballs in all duality frames. We observe that the scaling argument used by Sen fails to account for the entropy in the D1-P and other duality frames. We also note that the traditional extremal black hole solution is not a complete string background, since finite-action paths connect the exterior near-horizon extremal throat to the region inside the horizon, including the singularity. The singularity of the traditional black hole solution does not give a valid boundary condition for a fundamental string; correcting this condition by resolving the singularity modifies the black hole to a fuzzball with no horizon. We argue that for questions of counting states, the traditional black hole solution should be understood through its Euclidean continuation as a saddle point, and that the Lorentzian states being counted are fuzzballs in all duality frames.
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