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.  
Before the inevitable debate over how high 'high' is, may I submit that everyone--all of us here, certainly--listen to "Mid-fi" systems due to the fact that there is no metric for measuring this particular form of highness as though it was a measure of a physical presence. If anyone ever attains the state of true High-fi--I suppose we'll all hear about it. Maybe before their ascension.
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.” 

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!


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.