Why Did I Lose All My LP When The New Ranked System Rolled Out?

I just logged in for the first time since todays patch and instead of being gold V with 60 or so LP I'm now gold IV 0 LP and on the "brink of demotion" into silver according the the red warning triangle on my profile? Was this supposed to feel like a promotion? because it feels like Im now closer to silver again instead of a "higher rank"