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Is that the right picture ?? If it's a blade why pearlite instead of martensite ? If those white areas are carbides you have crappy steel , if they are ferrite you have big decarburization problems.
It should be moved to Knifemaker's section.
Typical appearance of a blade that has decarb that hasn't been completely removed.Those are not "grooved " patterns .There is a pattern of parallel lines sometimes but that is 'alloy banding' which occurs sometimes with certain steels.
Yup it's defective and you should send it to me
Seriously I doubt anything is wrong and its just a carbonization issue.
Nice edge on that Cotdt! Looks good.
I've seen that on a lot of older style carbon steel blades that aren't highly or mirror polished and get tarnished/dirty/oxidized, whatever it is.
If the edge is performing as it should, and I imagine it is or you wouldn't put that good of a job on the edge, stop worrying.
You can clean it off the normal ways and continue using it, or leave it as it is, and continue using it. I usually clean my old carbon steel knives up out of boredom more than a real feeling they need it.