Crack the tops off the dried peppers, and dump out the seeds. Break into large pieces. Lightly toast the peppers in a hot frying pan, until fragrant, then place in a bowl.
Pour the boiling water over the peppers and set aside to steep for the day.
Roast the garlic.
Toast the peppercorns and cumin seeds and once cooled completely, grind to a powder.
Place the peppers and roasted garlic in a small food processor with about 1/2 cup of the steeping liquid. Puree, adding more of the steeping liquid if needed.
Add the remaining steeping liquid, the chili paste, and all the other ingredients to a large sauce pot. Put the lid (mostly) on, bring to a boil, then turn down to a simmer.
At this point you'll want to add more balsamic vinegar or brown sugar depending on the spiciness desired.
Simmer for about an hour, then place in large mason jars to cool. This makes about 6 cups.