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 like the way that Mike put it, that resonates most with me.  

While it's true that sometimes expensive pieces sound like pieces of doo-doo, it's a fallacy to think that there's not much difference between your system and that of someone that has invested an order of magnitude in their system.  Not just money, but research, time, and effort. 

If your mind and ears aren't open to that reality, then you have a "mid-fi" outlook.  
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as usual @mikelavigne speaks wisely to the heart of the matter

in this case, @millercarbon as well

i agree wholeheartedly with the key points of 'state of mind', and the idea that real hifi can/does exist at modest price points... one just needs the passion, knowledge, expended effort to bring the pieces together 
If the average masses have it heard of it, it’s probably mid-fi. I don’t see it as derogatory....it can have some useful connotations when trying to explain where Denon and Sony fit into the audio world compared to CAT or Krell. However, I clearly view the latter as high-end vs "hi-fi".