Season beef generously with salt. Heat oil in a large heavy pot over medium-high. Working in batches, cook beef, turning occasionally, until deeply browned all over, 8–10 minutes. Transfer to a plate.

Pour off all but 1 Tbsp. fat from pot. Reduce heat to medium; add butter, onion, garlic, and ginger and cook, stirring often and scraping up browned bits, until onion is translucent, about 5 minutes. Add curry; cook, stirring, until it starts to stick to pot, about 3 minutes. Stir in bay leaves, coconut milk, and 1 cup water. Return beef to pot. Season with salt and bring to a simmer. Cook, partially covered, until beef is just fork-tender, 30–35 minutes.

Add potatoes, bring to a simmer, and cook uncovered, stirring occasionally, until beef and potatoes are very tender, 25–35 minutes. Thin with water if needed; season with salt. Serve over rice, topped with cilantro, chile, and lime wedges.