I just watched a tv commercial where they were selling a new "high-def" paint...so, what is mid-fi paint then? but I digress...
Let me get...real simple like. This question...it's mid-fi. Har-har-har, just kidding!? No. Seriously.
For the OP and other lost travelers, I'll go ahead and make things most basic to understand. This hobby is about listening to music...for OUR enjoyment.
Hi-fi...mid-fi, these are only words.
Music...this is art.
for our intent and purpose, words are only useful for marketing and advertising...understanding that gem should put a stop to about 33.333% of all questions on ALL audio replay related forums.
furthermore, we need to consider the oh so not carefully hidden knowledge that ALL replay components are system/room/source material dependant...and well, that should end almost all other honest questions.
and btw, and obviously for everyone's benefit...sadly, we cannot let you in on what Art is useful for as we have better things to do...for instance, spend our time enjoying it!
Ok..now all them dirty hippy's should be satisfied and off to smoking their hemp sneakers...enough already with all the BS....that's right, lets get down to brass tacks as there is Major Money at stake here! easily everyone involved here (who is not in this game to make any sort of money) should understand that the crux of the apostrophy is this; listening to music at home is as simple as keeping up with the fremer's...or conversely, as complex as turning down the lights and hitting the "play" button on your cdp.
Or perhaps this will help to explain things better for the OP's engineering mind....."talking about music, is like dancing about architecture" That's courtesy of musician Frank Zappa.
So in conlusion and to answer directly the OP's original question, you might own a mid-fi system if...you spend any amount of your free time posting ass-backwards questions on online audio forums instead of on EnJoying listening to music on your stereo.
Also, everything is relative. Except hi-fi, which is absolute.