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Some Googling reveals that they've discussed 64-bit TXID since 2005, but resisted due to performance and complexity concerns.

The two biggest discussion threads w/Tom Lane seem to be:

2005 http://postgresql.nabble.com/Re-PATCHES-lastval-td2213404.ht...

2012 http://postgresql.nabble.com/PostgreSQL-64-Bit-XIDs-Transact...




Oops, got that first link wrong, sorry.

2005 http://postgresql.nabble.com/A-couple-of-patches-for-Postgre...




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