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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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 :-)
Mid fi is any system with a lower MSRP than the one the person making the pronouncement owns
Mid fi is any system with a lower MSRP than the one the person making the pronouncement owns
My Hi-Fi audio system cost me under 500 bucks ?
I should have appended a /s @mahgister
These are 100% subjective terms. There can be no generally agreed upon definition because for most audiophile types that line is somewhere beneath wherever they are (sonically, financially, or if they think these are related, both).