So, I’ve been having a problem lately in pretty much all source games. Bscly, whenever I see/place a texture that has a transparent area in it, the whole thing turns translucent. Pic:
Sooo, umm, yeah. I could use some help.
Stop sucking dick. Basically. Also delete system32, verify integrity, make sure that the .vmt is correct and check the texture itself. Looks like the transparancy .vmt command is broken in the sense that it chooses any shade of black and sets the alpha accordingly. Just a hunch. Try exporting one of them and remaking it as a custom texture with transparancy. See if that helps.
I doubt it’s the vmt’s themselves, It’s only happened since the update and it also occurs to many other textures, including customs. I’ve already verified cache for all my source games and re-downloaded mod Subversions, to no avail.
Check your graphics card for an “anti aliasing transparancy” or something like that. Turn it off.
If that’s not the problem, then IDK.
It worked, thanks! 
Thread title sounds like Valve’s new spin-off for HL2.
E3 suprise, anyone?
“We’ve cancelled our portal 2 event to announce something evn BETTER!.. Portal 2!”