Cut the beef into 1 inch cubes. depending on your pan/skillet, you may need to brown the meat in stages. make sure oil is hot when browning the cubes. Set aside and dice/grate onion and peppers.
Drop the onion in a 1 gallon pot, use the oil from the meat, and brown the onion. Turn it often with a spatula to avoid burning. When the onion has a nice caramel hue, pour in paprika and cayenne. Stir for some 15-20 seconds and pour a cup or two of water to prevent spices from becoming bitter.
Add peppers, black pepper and salt and simmer for 15 minutes on low heat. Add the cubes. and let it simmer for 90 minutes and stir occasionally to prevent burning at the borrom. Check the meat if it is well cooked--should be falling apart when impaling on a fork. You may need to cook a bit more if the meat is still imprevious.
Add the rest of the water and bring to a boil. Drop the crumbs in the stew and simmer for another 15 minutes. The sauce should be fairly thick at this stage, like ragout or pasta sauce.
Slapping your hand. Not yet! Let it cool down and then put it into fridge for 24 hours. The marinating process improves the roundness of the dish. After a day, you reheat the pot at low temperature.
Supply rye or pumpernickel bread and let the flames commence.