I have dropped almost 450 rating from 1860 to 1420
Puzzle Rating Change

Very frustrated by the puzzle fiasco. I realize it means nothing to anyone else, but five years of progress being wiped out without explanation is making lichess very attractive

Very frustrated by the puzzle fiasco. I realize it means nothing to anyone else, but five years of progress being wiped out without explanation is making lichess very attractive
The reasoning was explained in the following article.
https://www.chess.com/news/view/announcing-new-puzzles-rating-system

I thought the same last night. I had recently reached a peak above 3200. I had dropped back to 3100. Logged on to try and get my 3200 back to find it was 1000 points lower. I thought it was a glitch. Once I realized it was not I then titled and dropped lower lol. Anyways very frustrating because I had been stuck at 2600 for a while and recently studied some chess tactic books to break through. Inflated or not it was my reference to my improvement. I was proud that I finally broke through and now its gone. Also frustrating that now I am getting 2 points per puzzle and I miss 1 and drop 20 points. Not sure how this is more like game rating when there I either gain 8 or lose 8 most of the time. It was already frustrating when I was 3200 because I was getting 5 points a puzzle but one miss would cause 15+ point drop. Curious to why they didnt just change the system and let the new system correct the "issue". Why take what I worked hard to earn. Even had I dropped all the way to where I am now I would have preferred to get there by missing puzzles. At least then I would know its deserved. I also think this would be better for those that get limited puzzles per day.

I went down from 2000 to 1480. But who knows, its probably changing for the better cuz i am not supposed to be rated 2000.

.... Also frustrating that now I am getting 2 points per puzzle and I miss 1 and drop 20 points. Not sure how this is more like game rating when there I either gain 8 or lose 8 most of the time. ...
Try changing your puzzle Difficulty setting to Hard or Extra Hard
The amount of rating change depends on the difference between the puzzle rating and your current rating. On Standard the average rating of puzzles is lower and you gain fewer points on a success and lose more on a failure. It now works exactly like games
Now they just need to fix the bug where you can get a hint then restart the puzzle without losing points!

Here's what you get for each difficulty (from my exp today):
Standard: Correct = +2-3 pts Incorrect = -12 pts
Hard: Correct = +3-5 pts Incorrect = -10-8 pts
Extra Hard: Correct = + 7-8 pts, Incorrect = -7-8 pts
IDK why you wouldn't always play on Extra Hard if this is accurate and not changing?
Your latest puzzles.

Here's what you get for each difficulty (from my exp today):
Standard: Correct = +2-3 pts Incorrect = -12 pts
Hard: Correct = +3-5 pts Incorrect = -10-8 pts
Extra Hard: Correct = + 7-8 pts, Incorrect = -7-8 pts
IDK why you wouldn't always play on Extra Hard if this is accurate and not changing?
Your latest puzzles.
Yea seems to be fine if you play on "Extra Hard"...Not sure why they did not go with Easy, Medium, and Hard haha.

As others have said on here it doesn't really matter and is almost certainly a long term improvement, but it leaves me a little demotivated. I was solving every day and on the steady road to 4000. Now what?!

The new puzzle rating system is how I expected it to behave in the first place. Yeah, I'm kinda disappointed that my rating dropped from the 3400s to 1900s. Let's face it, I'm nowhere near a 3400 rated player. That would put me in Magnus territory. The current algorithm is closer to reality.
Chess.com's real sin is the failure to give us a heads up. Why? Now we have a bunch of members that are disappointed and frustrated. Some have threatened to cancel their membership. Much of this angst could've been avoided.
Mine gone down by about 600! Rediculous added to the fact that you can only make progress 5 points at a time. Get real
Here's what you get for each difficulty (from my exp today):
Standard: Correct = +2-3 pts Incorrect = -12 pts
Hard: Correct = +3-5 pts Incorrect = -10-8 pts
Extra Hard: Correct = + 7-8 pts, Incorrect = -7-8 pts
IDK why you wouldn't always play on Extra Hard if this is accurate and not changing?
The overall rating changes after a session will likely be very similar. You'll get more correct on Standard and closer to 50/50 in Extra Hard, at least over the long run.