I will review the construction of BPS and non-BPS multicenter black hole solutions, and describe a class of smooth solutions that have the same charges and asymptotics as black holes, but do not have a horizon. I will then discuss some of the properties of these solutions and argue that they should correspond to typical microstates of extremal black holes. If so, string theory would imply that a classical extremal black hole solution is a thermodynamic approximation of an ensemble of horizonless configurations, and that this solution stops giving a valid description of the physics at the scale of the horizon. I will finish by discussing the extension of this to non-extremal black holes and its implications for the information paradox.