I've heard the camoflouge theory before but after speaking with a couple of friends that have bought these very expensive pikes I'm now under the impression that it's not natural but rather a disease that causes the deterioration of the fins (hence the tattered and melted look) and causes the deterioration of the skin. Evey specimen that I have been aware of lasts only a short time in captivity and slowly wastes away as their fins and bodies continue to deteriorate. Until I hear of someone keeping this fish long term and it's fins actually healing I'd be hard pressed to pony up the money for one of these fish.