It looks like it's fermenting to me!
Blow off noise, while reassuring (I like it too), isn't indicative of fermentation. For example, what if the lid doesn't form a tight seal with the bucket?
I think it's on the right track.
"I brew, therefore I am."
Next: 10 Gal Robust Porter, 5 in Oak Barrel
Fermenting: Janet's Brown Ale-ish
Conditioning: Simcoe-Centennial IPA in Oak Barrel
Enjoying: Witbier, Simcoe-Centennial IPA