The concept of reality-virtuality (RV) continuum was introduced by Paul Milgram and Fumio Kishino in 1994. It describes a spectrum that ranges from a purely physical reality (the real world) to a purely virtual reality (a completely computer-generated environment), with various degrees of mixed reality in between. This continuum is “realized” by different types of displays to encompass different levels of immersion and interaction, allowing for the classification of different types of environments and experiences. What is often overlooked in this concept is the act of diminishing real objects (or persons, animals, etc) from the reality, that is, a diminution, rather than augmenting it, that is, an augmentation. Hence, we want to propose in this contribution an update or modification of the RV continuum where the diminished reality aspect is more prominent. We hope this will help users, especially those who are new to the field, to get a better understanding of the entire extended reality (XR) topic, as well as assist in the decision-making for hardware (devices) and software or algorithms that are needed for new diminished reality applications. However, we also propose another, more sophisticated directional and layer-based taxonomy for the RV continuum that we believe goes beyond the mediated and multimediated realities. Furthermore, we initiate the question of whether the RV continuum truly ends on one side with physical reality.