This talk will describe the best current understanding of the interior structure of astronomically realistic black holes.
A common misconception is that matter falling into a black hole simply falls to a central singularity, and that's that.
Reality is much more interesting. Rotating black holes have not only outer horizons, but also inner horizons. Penrose (1968) first pointed out that an infaller falling through the inner horizon would see the outside Universe infinitely blueshifted, and he speculated that this would destabilize the inner horizon.
The expectation was supported by linear perturbation theory, but it was not until 1990 that Poisson & Israel were able to clarify the nonlinear evolution of the instability at the inner horizon, which they called mass inflation. Inflation accelerates ingoing (positive energy) and outgoing (negative energy) streams to exponentially huge energies. The black hole thus behaves like a particle accelerator of extraordinary power, accelerating ingoing and outgoing particles to collide with each other at super-Planckian energies. The talk raises the fundamental question:
What does Nature do with this remarkable accelerator?