The default "out of the box" settings.cfg contains invalid values. Pixel/128 doesn't exist in a new install. When I set the settings.cfg to Default/128 everything works (except sound, but that's a different issue.)
$ cat settings.cfg | grep G_TEXTURE_PACK G_TEXTURE_PACK = Pixel //Texture Pack G_TEXTURE_PACK_RESOLUTION = 128 //Texture Quality (Resolution) $ ls data/textures/block/Pixel/ 64
I've reproduced this on both the Steam download and the direct website version.
[2016-08-15 02:15:48] ############## LOADING RESOURCE Pixeldata/./textures/block/Pixel128 [2016-08-15 02:15:48] [RESOURCE] Loading cube textures [2016-08-15 02:15:48] java.io.FileNotFoundException: Neither .png or .tga found for resource data/./textures/block/Pixel/128/t000 [2016-08-15 02:15:48] at obfuscated.aIy.a(SourceFile:902) [2016-08-15 02:15:48] at obfuscated.gV.a(SourceFile:58) [2016-08-15 02:15:48] at obfuscated.hk.a(SourceFile:440) [2016-08-15 02:15:48] at obfuscated.aJt.g(SourceFile:723) [2016-08-15 02:15:48] at obfuscated.azv.c(SourceFile:792) [2016-08-15 02:15:48] at obfuscated.azv.b(SourceFile:648) [2016-08-15 02:15:48] at obfuscated.Q.e(SourceFile:949) [2016-08-15 02:15:48] at org.schema.game.common.Starter.startMainMenu(SourceFile:1372) [2016-08-15 02:15:48] at org.schema.game.common.Starter.main(SourceFile:949) [2016-08-15 02:15:48] org.schema.schine.graphicsengine.core.ResourceException: data/./textures/block/ [2016-08-15 02:15:48] at obfuscated.hk.a(SourceFile:473) [2016-08-15 02:15:48] at obfuscated.aJt.g(SourceFile:723) [2016-08-15 02:15:48] at obfuscated.azv.c(SourceFile:792) [2016-08-15 02:15:48] at obfuscated.azv.b(SourceFile:648) [2016-08-15 02:15:48] at obfuscated.Q.e(SourceFile:949) [2016-08-15 02:15:48] at org.schema.game.common.Starter.startMainMenu(SourceFile:1372) [2016-08-15 02:15:48] at org.schema.game.common.Starter.main(SourceFile:949) [2016-08-15 02:15:48] org.schema.schine.graphicsengine.core.ResourceException: data/./textures/block/ [2016-08-15 02:15:48] at obfuscated.hk.a(SourceFile:473) [2016-08-15 02:15:48] at obfuscated.aJt.g(SourceFile:723) [2016-08-15 02:15:48] at obfuscated.azv.c(SourceFile:792) [2016-08-15 02:15:48] at obfuscated.azv.b(SourceFile:648) [2016-08-15 02:15:48] at obfuscated.Q.e(SourceFile:949) [2016-08-15 02:15:48] at org.schema.game.common.Starter.startMainMenu(SourceFile:1372) [2016-08-15 02:15:48] at org.schema.game.common.Starter.main(SourceFile:949) [2016-08-15 02:16:50] AGAIN PRINTING STACK TRACE [2016-08-15 02:16:50] org.schema.schine.graphicsengine.core.ResourceException: data/./textures/block/ [2016-08-15 02:16:50] at obfuscated.hk.a(SourceFile:473) [2016-08-15 02:16:50] at obfuscated.aJt.g(SourceFile:723) [2016-08-15 02:16:50] at obfuscated.azv.c(SourceFile:792) [2016-08-15 02:16:50] at obfuscated.azv.b(SourceFile:648) [2016-08-15 02:16:50] at obfuscated.Q.e(SourceFile:949) [2016-08-15 02:16:50] at org.schema.game.common.Starter.startMainMenu(SourceFile:1372) [2016-08-15 02:16:50] at org.schema.game.common.Starter.main(SourceFile:949) [2016-08-15 02:16:50] ############## LOADING RESOURCE Pixeldata/./textures/block/Pixel128normal