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CommonNinja said:

But you do have to admit that there are holes in the theory.

Each year the earth is getting farther and farther away from the sun.  3.6B years ago when the first lifeform suposidly formed, earth would have been much closer to the sun, and too hot to sustain any life. 

Likewise, earth's rotational spin is slowing down, which means that it must have been faster years ago.  If you do the math back to 3.6B years ago, earth would have been spinning so rapidly that we would have day and night change within seven hours, and it would have increased the magnetic field of earth by astronomical perportions (which in turn would make earths climate much hotter, and unsustainable to life).

Also, the moon is getting further away form the earth which means that 3.6 B years ago, it would have hovered mere miles above our atmosphere, and caused massive tidle waves.  Of coarse scientist don't believe we have had our moon forever, but that is another discussion.

http://www.newscientist.com/article/dn17228-why-is-the-earth-moving-away-from-the-sun.html#.VATJjfldWzM

http://en.wikipedia.org/wiki/Earth's_rotation

These are just a few example of problems with the theory, there are more that I just don't have time to add right now.

Why are those problems with what theory? Why would live be unsustainable?
There are microbial colonies in the deep ocean around lava vents that live of sulpher in temperatures exceeding that of boiling water.
https://microbewiki.kenyon.edu/index.php/Deep_sea_vent

Sure there are gaps in how the earth came to life. But a 7 hour day and a hot earth don't make live unsustainable.
The current theory is that the moon was formed 4.5 billion years ago at 22.5k km from the surface while the earth had 5 hour days. The earliest traces of bacteria began 800 million years later. Humans would certainly not be able to survive on earth as it was 3.7B years ago, single celled organisms apparently could.