You can build an 8km diameter O'Neill cylinder[1][2] with titanium. From memory his calculations used a 200% safety margin.
Where does the titanium come from? The moon, which absolutely lousy with the stuff.
Where does the energy to work titanium come from? Your friendly neighbourhood fusion lamp: the sun.
If you have mature carbon nanotech, you can jump up to McKendree cylinders[3]. These are O'Neill cylinders scaled up to a 920km diameter.
[1] http://en.wikipedia.org/wiki/ONeill_cylinder
[2] http://en.wikipedia.org/wiki/The_High_Frontier:_Human_Coloni... (worth reading if you can find it)
Thanks.
Then, considering the effort spent acquiring experience, it would be better to focus on a large asteroid.
In fact, it would be even better if we could find a way to spare some of the effort to put it on a stable earth orbit.
Wait then, couldn't we put this big rock already in stable earth orbit called "the moon" to some good use?? It's not like we've never been there tens of years ago!!
EDIT: gravity and chemical composition are valid reasons to mine an asteroid, you are totally right. Yet if we wanted not to mine but to have a colony to edge our bets for a meteor strike, IMHO the moon seems to be a better choice. However, I should have been clearer with my thoughts, I stand corrected :-)
For the same reason (mass), asteroid mining is probably more lucrative than Lunar mining (barring materials similar to Helium-3). The Moon seems to have a less diverse composition, with some useful minerals (which are mostly more massive) buried beyond easy reach.
The truth is that the Moon is more like a planet than like an asteroid. It is easier to reach.
Worst design I can imagine is one single huge volume like the classic artists interpretation of an oneil cylinder. One hole and they all die and/or the thing rips itself to shreds.
"large asteroids are really even one solid piece of rock"
You'd be surprised what can be figured out from albedo and rotation measurements. The other thing is the line between asteroid and planet is purely arbitrary, but hovers around the self circularizing point where gravity is intense enough that it has to be more or less spherical. So the biggest asteroids are gravitationally guaranteed to be rounder and smoother, almost like a planet, at least compared to a smaller asteroid. And we've got direct imaging on small asteroids WRT scaling.
The reason there are no planets the size of the earth that are cigar shaped or whatever is gravitational. A giant asteroid would be a bit "bumpier" relatively than a small planetary moon, but its not gravitationally possible to be a cigar or a swiss cheese.