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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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).
I just wanted to tease you....  😁😊😊😊😊

 There is a truth in your post anyway...


My best to you....
@waytoomuchstuff, great experiential  summary/fun read, thanks.
I find it interesting how  much flexibility was built into gear in the past. What did manufacturers have in mind when they gave us A/B/C speaker selectors? I think so That we would put long runs of speaker cable to other rooms outfitting music in an entire home with one receiver.  Certainly not to put multiple speakers in the same room and switch the way you see many of today’s audiophiles set up listening rooms. 
Many receivers Had a switch to reverse L/R , why?
mid-fi (mid range of product line) had bass/treble knobs. Hi end of product line included a midrange knob. To tease something more out of your speakers.
a Loudness button to contour low volume listening, but I liked it at all volumes. Like sprinkling sugar on strawberries, just makes it better.
muting button...why? Too lazy to turn the volume button!
having that tone control flexibility..... you could blindfold a listener to A/B speakers where in truth you play the same speaker with/without loudness button.
how many of us would be fooled,  call A midfi and B hifi?.