I'm using a cheap 5V->3.3V converter, and a cheap usb to serial thingy, which I'm starting to suspect is the root of my problems. However - the USB adapter driver is installed correctly, and it can communicate with "itself" as a loopback device (by shorting TX and RX).
I'm connecting the following PINs:
VCC <--> PSU 3.3V
GND <--> PSU GND
CHPD <--> power supply 3.3V
RX <--> USB RX (or TX)
TX <--> USB TX (or RX)
GPIO0 <--> power supply GND (or leave it unconnected)
The power (red) LED will come on, and with GPIO0 pulled low, the blue LED will briefly blink. It does not blink when trying to communicate over serial (any baud rate).
When nothing's connected to GPIO, the device will blink when trying to communicate with it, but I only receive garbage replies (¤ and such) when issuing commands over serial.
I've tried with two ESP8266s, and they behave the same way.
Am I missing something obvious? Should my next step be to try a higher quality serial converter (which?), or a different computer? Any suggestions?
For reference, I've attached a picture of the hardware I'm using.