FYI, LDView has a bug that prevents texture maps from working on transparent geometry. Unfortunately, this will probably never be fixed, since doing so would require a complete redesign of my texture mapping and transparent geometry handling. More specific, any geometry that textures are applied to becomes opaque. The texture map itself can contain arbitrary transparency, and the underlying geometry's opaque color will show through the transparent parts, but the geometry the texture is applied on is always drawn opaque.
As Philo already pointed out, the solution to your problem was to map the texture onto a disc. If this were a sticker, then the sticker itself would of course be round, which in LDraw would be a very short cylinder, I suppose.
As Philo already pointed out, the solution to your problem was to map the texture onto a disc. If this were a sticker, then the sticker itself would of course be round, which in LDraw would be a very short cylinder, I suppose.