id int8 NOT NULL DEFAULT nextval('next_id_seq'::text) INIQUE,
ID column is bigint, but '50000' is int, therefore the index does not match. You need to cast your clause like this:
select id from test where id = 50000::int8
Also, issue VACUUM ANALYZE, so Postgres knows about the structure of the data.
-- Michal Taborsky http://www.taborsky.cz
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