I agree with this 100%. I'm also a developer who had to deal with this issue a bit.

I only had 2 years of experience when I joined my current company. I was offered $110k + $5 signing bonus. I had higher offers from other company but chose to join my company because of the product & flexible work hours/vacation policy. I got a $5k raise after 6 months and another $5k raise after a year with the company which brought my total comp to $120k. However, I still felt like I wasn't paid enough.

I complained to my manager frequently during our meetings but it was not really up to him to give me a larger raise I wanted. I thought about looking for another job elsewhere.

I took this issue directly to the founder of the company (we are still small so it's ok to just send him a message and ask him to lunch). I thought it was a totally risky move. I'm pretty quiet and don't normally say much. Anyway, at this lunch, I told him about what I actually do day-to-day and talked about ways I've contributed to the company. I don't work overtime but I've always delivered (according to my performance review). I couldn't really read how he felt about our lunch. Anyway, he later told me that the lunch was very helpful to him to understand what extra work the team does that he didn't know before. My annual review came and I got bumped up another $20k.

You need to talk to the person who has the power to bump your salary. Don't be humble about what you have accomplished. I still have trouble with this all the time. Don't stop learning new stuff. Interviewing for a new job is terrifying but you still have to do it.

I wouldn't use ultimatums. Be reasonable about why you should get paid more. Focus on your performance data. If your performance review was good, ask them why it's good but not good enough for more money.