Well, if online play is 300 lower it makes sense to adjust ratings this way.
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1500 is the initial rating(that should be the mean pool of average) ! However, surprisingly I see 1100-1200 as the average rating of chess.com players.
According to Glicko rating system, a 5-years old-kid or a guy who just learned to play chess today will start with 1500 rating initially when he start playing rated chess games! See the rating explanation in Wikipedia.
I saw a lot of games of 1500 rated players in chess.com, their gameplay are not that newbie who learned chess like yesterday.
Two explanations,
1. Did chess.com intentionally rig 300-400 rating points from all of us? or
2. Mass sandbagging from majority of players?