last_sign_in_at - date and time of user login before their current session (if any). It will be nil if this is their first session.
The best name may have been earlier_in_value, because this is not the time that they signed in the last (current), this is the time before that.
The best way to explain this is by illustrating its use: when users subscribe to the site, if their last_signed_in_at less than the last update of your Terms and Conditions, send them to the acceptance page.
Like most attributes in the Trackable module, it is not used internally for development, although it is supported by it.
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