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When I want to put something on hold for a while, I set its start date to "+1w" (one week from now), "+3m" (three months from now), etc. It's a lot like hitting snooze on an alarm clock: the action disappears until that date, then it comes back and I can decide if I want to act on it soon or defer it again. (If I want it to stay on hold indefinitely, well, "+100y" seems sufficient.)

That said, we are considering adding the ability to change an action's state to "On Hold" or "Dropped" just like you can currently do with projects.