java.lang.IllegalArgumentException: Does not contain a valid host:port authority: file:///
This happens when you have not configured "fs.default.name" in core-site.xml and attempt to start your NameNode without a proper hdfs://host:port schema. The default FS is file:/// and hence you see this.
Its always a better idea to use the Apache Hadoop HDFS mailing lists in case you are not sure its a bug, before reporting!
Please open core-site.xml file and add the property given below
In case of hadoop 1.x :
In case of hadoop 2.x :
Please let me know if you have any further issue regarding this.