you can't just use ohms law for a complex IC they will not magically create their own "voltage drop" and just work. The "viable design" which you speak of, is making sure at least the basics are right even if once circuit works under specific conditions, it's still a terrible practice to just assume the exception is the rule.
Even dave showed in one of his videos that you can power an IC from it's IO pins using the protection diodes ... obviously it is not a good design, but it works under certain conditions
Please prove me wrong by setting up a circuit that powers op amps or some other ICs using a current sink / source and is stable with all the operating conditions of the ICs (i.e: different temperatures and different input / output conditions).
No,
a current sink is not used to deliver power. A
constant voltage is used to power the 4mA to 20mA device and the current drawn by it is used to transmit data.
Here's an example of a 4mA to 20mA sensor being monitored by an ADC. A 250Ohm resistor is used to give a range of 1V to 5V. In reality it will be better to use 240R to allow a bit of headroom for component tolerances.
In modern 4mA to 20mA systems, the constant voltage powers the op-amp and the transducer connected to it. The op-amp adjusts the current drawn by the entire circuit so it matches an input voltage.
I can see you're confused by the OP's circuit. Here's a more basic implementation. The current taken from V1 varies from 4mA to 20mA, as V2, the transducer's voltage, is swept between 1V and 5V.
The op-amp adjusts its output voltage, thus Q1's base voltage to ensure V(R1) = V(R3).
V(R1) = V2*R3/R2
Therefore:
I(V1) = (V2*R3/R2)/R1
Any current through the op-amp's negative rail is taken into account. The circuit will work, as long as the current taken from V1 and passed to R1 is below the minimum desired output current or 4mA, in this case.
In reality, the voltage drop across R1 will probably need to be much lower and some additional amplification and level shifting will be required to scale the voltage given by the transducer, V, to something giving a sensible voltage drop across R1.