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Unless I am missing something it doesn't appear that IP Addresses are logged for conversations. At least there is no way to view it from within the conversation.
Looks to be deliberate, however the ip_id is logged against each message as far as I can tell, so it is odd that there is nothing in the template for it, nor a conversation controller action to view IPs.
Is it a borderline bug? Just seems oddly inconsistent to me seeing Kier's post, seeing the suggestion marked implemented, and then not exposing any of it to the UI where it is its most useful.
It almost seems like the UI omissions could have been an accidental oversight.
There's a lot of IP logging that's done which is mostly to maintain a record for the account when it's looked up -- a lot of it isn't associated with viewable content. That's really the primary driving force, though I can see the value of determining the particular IP of an individual action.