Counter-Strike: Global Offensive and it's Ranking issue

We can all agree, that once the update occurred all of our ranks plummeted. My rank went from a Gold Nova Master to a Silver elite. That's a 4 rank drop! Some say this is an awful update, as it does take away the sense of accomplishment. It has not been reversed as of yet. Valve, please fix.

                                                                                                                      Peace,
                                                                                                                 Anthony