Peel and chop the Onion (1).
Chop the Green Bell Pepper (1 cup).
Into a pot, add Ground Beef (2 pound). Cook until browned, chopping it up with a spoon as you go. Drain the fat from the pot.
Add the onion and pepper. Cook over medium heat until softened slightly.
Add Water (1 cup), Ketchup (2 1/2 cup), Chili Powder (3 tablespoon), Ground Black Pepper (2 teaspoon), Garlic Powder (2 tablespoon), Onion Powder (2 teaspoon), Crushed Red Pepper Flakes (1/4 teaspoon), Salt (1 1/2 teaspoon), and Granulated Sugar (2 1/2 tablespoon). Stir to combine.
Cover and cook over medium-low heat for 1 hour, stirring every 10 minutes or so so the bottom doesn't burn.
Serve on hotdogs or as a side.