Hextech Crafting *Not* an ip sink?

At the current moment, it isn't. This isn't to say that they don't have another potential one in the works, or that they won't allow people to buy chests at some point.

Yeah, it's just you. Nowhere was it announced that it was going to be IP based.

They want to add additional content to Hextech crafting as it grows. One function later on will likely be an IP sink, but they want to balance the barebones system they have first.

I think they said that they'll likely add special hextech boxes for IP in the future,which will only cointain champion-shards(so you can use those to upgrade your mastery)