First of all, you need to change the base of the logarithm: since #4=2^2#, you have that
#log_4(x) = log_2(x)/log_2(4) = log_2(x)/2#
So, the equation becomes
#log_2(x-1) = log_2(x+1)/2#
Which is equivalent to
#2log_2(x-1) = log_2(x+1)#
Since #alog(x)=log(x^a)#, the equation becomes
#log_2((x-1)^2) = log_2(x+1)#
Which is true if and only if #(x-1)^2=x+1#, which means
#x^2-2x+1=x+1 \to x^2-3x=0#.
This equation is solved by #x=0# and #x=3#, but #x=0# is not acceptable, because it would lead to
#log_2(-1)=log_4(1)#, and we can't compute logarithms of negative numbers.
As for #x=3#, we can see that it's ok since it leads to
#log_2(2) = log_4(4)#, which is true because both members are equal to #1#.