Even if one would assume the astrophysical massive compact objects (MCOs) to be Black Holes (BHs), no energy can be extracted from them because neutral vacuum BHs cannot acquire any (induced) electromagnetic property, neither can any current emerge from the central singularity. This is so despite wishful models claiming the contrary by attributing the Event Horizon (EH) or an imaginary “membrane” with wishful electromagnetic properties. Similarly various Quantum Gravity (QG) theories too attribute various imaginary and mysterious properties like “Brick Wall”, “Fire Wall” with the EH even after claiming that the vacuum EH is a perfectly regular spacetime without any special property! The vacuum EH is also associated with imaginary material structures and entropy in a completely self-contradictory manner. To legitimize such contradictions & fudge, the “Holography” principle is invoked by which the information contained within the 3-D BH interior is hypothesized to be encoded on the 2-D EH. Further, some QG theories try to explain gravity & BH entropy (SBH) in terms of random motion of “atoms of vacuum” of dimension ~ ℓp (Planck Length). But since ℓp → 0 as ħ → 0, a classical vacuum would possess infinite entropy by such a hypothesis and so spacetime may not be granular ever. It is asserted that though BHs correspond to exact General Relativistic solutions, the relevant integration constants are zero, i.e., a Schwarzschild BH has M = 0 (Mitra, JMP 2009), and Kerr BHs too correspond to M = a = 0, implying SBH = 0 & BHs are asymptotic ground states of preceding collapse which radiates away entire mass-energy, angular momentum & entropy. Thus the finite mass BH Candidates must be Quasi-BHs. It has been shown that the most natural case for Quasi BHs are ultra-magnetized hot quasi-static balls of plasma, Magnetospheric Eternally Collapsing Objects (MECOs) radiating at their Eddington Luminosity. Spinning MECOs behave like ultramagatic GR pulsars and may naturally explain high energy astrophysical phenomena. Since there is no true BH, there no quantum “Information Paradox”, no need for “Holography”, no need to bid farewell to physical reality. As spactime membrane gets infinitely stretched and no singularity is formed, there is probably no need for any fictitious QG. Gravity may always remain classical and separated from other interactions like oil & water.