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Terraforming other planets would be astronomically more challenging than fixing our own planet and we don’t seem to be able to get our shit together to do that. Even if we are capable of terraforming other planets, it would take many centuries at minimum. O’Neal cylinders are far more likely to work once we start industrializing the moon.
If the colonization strategy is the Moon then Mars, I expect humanity would have the technology needed to colonize Mars easily while terraforming occurs.
The problem with an O’Neil Cylinder is bringing up enough processed material to build one.