After slicing the potatoes, soak them in a bowl of cold water for 10 minutes. This removes surface starch. Crucial: Dry them thoroughly with a kitchen towel before frying. Wet potatoes will steam and turn soggy.
Add enough peanut oil to coat the bottom of a heavy skillet (cast iron works best) and add the butter. The peanut oil prevents the butter from burning at the high temperature needed for searing.
Wait until the oil is shimmering and the butter foam has subsided. Add the potatoes and onions. If the vegetables don't sizzle immediately, the oil isn't hot enough.
Once the potatoes are in the pan, resist the urge to stir for the first 5 minutes. This allows the "crispy skin" to form.
If your skillet isn't large enough for a single layer, fry in two batches. Overcrowding traps steam, which leads to "mushy" potatoes.
After the initial sear, stir often to ensure the onions caramelize evenly and the potatoes are browned on all sides.
Drain any excess oil before serving. While the potatoes are still piping hot, dust with smoked paprika and torn fresh basil for a modern aromatic twist.