The editor/developer of the Big Picture was answering questions on Reddit the other day.
Someone asked about image theft/reuse and he said:
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What does drive me nuts is when some people (you know who you are) snag the images wholesale, slap watermarks on them, shrink and repost them, without even so much as a link. As far as the rights holders, those are usually agencies like Reuters and Getty, and I think they will selectively pursue some of the worst offenders.
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So I asked
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What about sites that feature one shot, get about 2500 hits, give credit and link back to the gallery getting it an additional 1000 views?
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And he replied
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Those sites = pure awesome (in my opinion). The legality of using even that one photo falls into a gray area of fair use vs. copyright that I'm in no way qualified to respond to.
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This we already knew, but it's good to know that at least the creator of the Big Picture likes places such as IotD.