This is a profound mystery because according to the formulas no matter can ever enter a blackhole because it will take forever to reach the event horizon (in our frame) and so as soon as the event horizon forms it becomes a shield; but then when we observe the universe we see blackhole candidates of various sizes which means that a blackhole can definitely grow - but how?

The redshifting of light from an object falling into a blackhole is a red herring argument because the light traveling from the object to us has no bearing upon the outcome of the object - it only affects our view of the object.

The actual formula, as publius demonstrates, declares that time dilation affects the velocity of objects but I do not see this in actuality.