HiFi vs MidFi


I’m a relative noob to the audiophile scene, having just invested in an integrated amp and upscale (for me) speakers.  From time to time, I hear the term “MidFi” for some components.  Is there an objective or just largely accepted definition for this term?  I’d be curious to hear feedback on what constitutes HiFi vs. MidFi across various components.  
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I would consider it the best equipment you can score at BestBuy.  All other conditions mentioned considered like room treatment ect…
To MC:

It depends on what the definition of “is”, is….

Count yourself in clouded in “we” and “us”, and “their”! Unless you identify as a “non-human.” 
OMG.

Now I have to go all pedantic, explaining no it has nothing to do with what "if" means. If means if. If denotes a hypothetical. Duh. Therefore, asking what do you mean by if, the obvious inference is there is no hypothetical.

The original, "If anyone ever attains" well, what if I have?

And who is this "we"? The meaning of "we" is not in doubt. There is no need to redefine "we". The only question, who is "we"? Not me!

See?

Time was everyone could follow such simple logic. Time was no one would even think to redefine words. How far we have fallen. What dark times are these.

https://youtu.be/IWCNDbWcSLY?t=171
And after two pages (and change) we find that as with all audio terms bandied about as though they mean something, "Mid-Fi" and "Hi-Fi" have as many different meanings as there are people reading/commenting on them. IOW, they are useless as they have no generally accepted definition to the "group" posting here.

Timex (’cause RS is dead) = mid-fi
Tice = hi-fi
Right! Now go listen to some tunes :-)