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No it won't. There are so many problems with trying to get a dynamic language like ruby to be in the same order of magnitude of performance as C.

Garbage collection, inlining virtual calls etc.

Go has garbage collection and it's in the same order of magnitude as C. In fact so are Scala and Java. So, we can at least stop blaming gc.

Yes, but neither language is nearly as dynamic as ruby. That's where the costs come in. Method calls in ruby are comparatively glacial in speed.

That's why the ten years.

after ten years, square wheels will suddenly be round?

If you've been rotating them against a surface in that time period; then they'll certainly be a lot more round than when they started.